You served your country, now it is time for your country to reward your sacrifice. For many army veterans, getting approved for mortgage loans is nearly impossible. They did not have the time to build a high credit score during active duty. However, thanks to a VA loan specialist in Denver, you may find that buying a good home for your family is a reality.
Here is what you need to know about federally backed VA home loans:
- You Do Not Have to Make a Down Payment
Most mortgage loans require you to have a down payment available – ranging in value between 10% and 15% of the value of the home you want to buy. This translates into tens of thousands of dollars – money which you don’t have. Fortunately, if you qualify for a VA home loan, the down payment is not required.
- You Benefit from Low Interest Rates
Many people who buy a home see their interest rates growing from year to year – until they are barely able to pay each monthly installment. VA home loans have much lower interest rates, which you can afford to pay.
- No Need for Private Mortgage Insurance
Lending companies require clients to purchase private mortgage insurance, which means supplementary expenses for them. If you qualify for a VA home loan, this insurance is not required.
Let one of your local VA loan specialist Denver area expert look over your credentials to determine if you are eligible for VA home loans!
