In 1944, the Servicemen’s Readjustment Act was passed by the United States Congress and signed into law as a means of providing updated and additional perks to the men and women who served honorably in our nation’s military. To see what this means for qualifying individuals and their families today, let’s take a look at how VA loans are helping veterans buy property in Riverside.
There are some people who are under the misconception that VA loans are available to anyone and everyone who has served in the United States military. On the contrary, there are some qualifications that must be met in order to take advantage of this extremely beneficial program.
There are a few differing time requirements depending on who is applying for the loan.
For example, you would qualify if you are active duty and have served 90 continuous days, are a veteran who meets length-of-service requirements, or has completed 90 days of active-duty service or six creditable years in the Selected Reserve or National Guard. As you can see, this does not limit which branches of the military are afforded this opportunity.
Finally, surviving spouses of veterans who passed while in service or from a service-related disability can also be eligible for a VA loan, depending on further circumstances.
The best way to discover for certain if you qualify for funding is to contact the Department of Veterans Affairs. Let the VA know who you are and that you are looking to acquire a VA loan.
The VA can then look into your records and see if you are eligible. In the event that you are eligible, the VA will provide you with a certificate of eligibility. This certificate is an essential part of applying for your loan, so take good care of it.
The Core Benefits
It’s important to understand that not all VA loans are the same, and there are different sorts of flavors of VA loans. However, you can expect up to 100% financing of any home without any specific restrictions on the property type as long as it is your only home.
Next, interest rates will vary from lender to lender, but you can expect VA loan interest rates to be lower compared to your usual conventional or FHA loans. As far as the down payment on the property is concerned, you can get away with no down payment at all. The icing on the cake with the 0% down payment is there is never any Private Mortgage Insurance, or PMI, added onto your monthly payments if you put down less than 20% of the closing price of the home.
All of these perks add up to one spectacular loan package.
How to Apply
As we mentioned before, everything starts with talking to the VA to get that all-important VA certificate of eligibility.
The VA may have recommendations for reputable mortgage lenders to contact in order to move forward. Not all mortgage lenders provide all sorts of VA loans, so you will want to do the usual meeting with a few different lenders to get a clear picture of what types of options they offer.
Be sure to ask any questions you may have at these meetings and then choose the lender with which you are most comfortable and will provide you with the loan you are seeking.
A quick word of warning: Be cautious of any lenders that reach out to you or are offering loans that seem too good to be true. There has been an escalating trend of predatory and disreputable lenders seeking out unknowing targets.
Guidance Buying with VA Loans in Riverside
If you’re one of the many veterans looking to buy homes with VA loans in Riverside, contact our experienced team today at (866) 593 7012!