After celebrating two major patriotic holiday’s, the Marine Corps birthday (November 10) and Veteran’s Day (November 11), you can’t help but stop and reflect on our great nation and thank those who have helped make this country the land of the free.
If you are one of those heroes who has served in the armed forces and is looking to settle down now and become a homeowner, then your local Newnan mortgage lender, Jeff Wilmoth with Homestar Financial is here to help. But before we get started in providing a useful guide on how to obtain a VA mortgage, our team would first like to thank you for your service.
VA Mortgage Qualifications
A VA mortgage is administered through the United States Department of Veteran Affairs. This loan is for active military members, their families, Reservists, National Guard members, and veterans of the armed forces. To qualify for a VA Newnan home loan as an active military member, you will need to have served a minimum of 90 days during wartime or 181 consecutive days during peacetime. If you are currently enlisted in the Reserves or the National Guard, then there is a minimum 6-year requirement of service in order to qualify. You may also qualify for a VA loan if you are a spouse of someone who has died in the line of duty.
Other requirements needed to qualify for a VA loan include having a stable income and a credit score of around 620. Contact your local lender for more information.
VA Mortgage Benefits
There are many benefits in obtaining a VA mortgage, such as offering low affordable rates for homeowners. A VA mortgage is a government-backed loan, which means the lender is protected by the government in case the borrower defaulted on their mortgage. This is how they are able to offer inexpensive rates and also have a zero down payment requirement.
Get Started Today
If you are interested in obtaining this type of Newnan mortgage, please contact Jeff Wilmoth with Homestar Financial today at 404-597-5662.