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Whether someone is a first time buyer or they are relocating to a new city, buying a home is typically preferable to renting. However, there are many individuals that are concerned that they may not be able to buy for a while because they need better terms for a mortgage loan. That’s why people who are currently serving in the military, or who have served in the past, may want to consider a Veteran Mortgage Loan.
A Great Time to Buy a Home
Typically called a VA loan, these are mortgages provided by the office of Veterans Affairs. These types of loans offer a number of benefits that can’t be found with any other mortgage options. In addition, because interest rates are at historic lows, it’s hard to argue that this is one of the best times to purchase a home.
Bad Credit Scores are No Problem
One of the main benefits of a Veteran Mortgage loan is that because the loan is guaranteed by the federal government, loan officers can be much more lenient when it comes to deficiencies in a person’s credit score. A VA loan will typically only look at a person’s credit score from the last 12 months. In addition, lower credit scores are typically not a problem when it comes to approval rates for a VA loan.
There are instances where credit issues can affect a VA loan approval. For example, if a person has had a current bankruptcy or they have any types of tax liens, this could jeopardize approval. However, in many cases, if a person’s credit score is fairly good and their credit habits over the past year don’t raise any red flags, approval for a VA loan in order to buy a home is fairly easy to obtain.
Whether you’re currently serving in the military or have served in the past, taking advantage of the benefits provided by a VA loan makes the most about sense. From a cost standpoint, and with the approval process, there are very few other alternatives that make buying a home easier than securing a VA loan. To learn more about this type of loan, you may want to check out Midwest Mortgage Associates Corporation. You can also connect them on Facebook.