At Flat Branch Home Loans, we strive to provide homes for those who have sacrificed everything, so we can live peacefully. If you’re an active, discharged or medically discharged veteran, and have ever asked yourself: “I’d like to use my benefits for a home loan,” we have a great, in-house opportunity as a thank you for your service:
Designed to promote homeownership, the U.S. Department of Veteran Affairs (VA) loan is made by lenders and guaranteed for eligible veterans to purchase their dream home.
Despite its broad resources, only 10% of the 25 million veterans have taken advantage of this benefit. This loan is meant to honor our heroes, and we want to make sure every eligible veteran and active member know how this loan works and when it works best, so they can live the life they deserve.
What Is It?
The U.S. Department of Veterans Affairs wants to help service members, veterans and surviving spouses become homeowners. VA provides a home loan guaranty benefit and other housing-related programs to help you build, repair and retain your dream home. And with less stringent rules, 80% of VA borrowers who otherwise could not be covered by conventional loans, were able to purchase their home.
This gift has built-in protections for those who’ve protected us, which leads to more competitive rates and terms for our nation’s heroes.
What Makes It So Great?
No Down Payment / 100% Financing: It’s nearly impossible to find a loan product that gives a borrower full financing. This is the most significant benefit of the VA as it gives a borrower the power to purchase a home with no money down.
No Monthly Mortgage Insurance: No private mortgage insurance (PMI) means monthly payments are more lean and affordable.
Not Limited to First-Time Homebuyers: A VA loan can be used to finance your entire purchase or refinance. This hard-working loan can even help repair and improve your home, too, with energy saving features, such as solar heating, water heaters, insulation, storm windows and other efficiency improvement loans approved by both the lender and the VA.
And there’s even more:
- No prepayment penalties
- Counseling and assistance in the event of financial difficulty
- Lower credit score requirement
- Higher allowable debt-to-income ratios than most other loans
- Potential for two VA loans at the same time
But Do I Qualify?
Both veterans and active-duty service members qualify.
But fitting into just one or more of these categories be enough:
- Military members who have served 181 days on active duty or three months during war time.
- People who have spent at least a half-dozen years in the National Guard or Reserves.
- Spouses of fallen heroes.
We work hard to ensure this gift is broad enough to serve back to as many of our heroes as possible, but strong enough so their dream home is achievable and within reach. Even if you think you’re not qualified for an VA loan, contact your local FBHL Loan Officer (who are VA-approved) to find out for sure.