Becoming a homeowner may seem like a challenging task, but if you’ve served in the U.S. military or have a spouse who died while serving or due to a military-related disability, obtaining a mortgage loan may be simpler than you think. Your eligibility depends on when you served and how long you were on active duty –– the U.S. Department of Veterans Affairs also has different requirements for serving in peacetime versus service during wartime. Here’s how to apply for a veterans mortgage loan –– after you’re approved, you can take the next steps to buying a home or condominium.
1. Determine If You’re Eligible
The easiest way to determine your eligibility is to follow the guidelines set forth by the VA. You can read more about them here, or you can reach out to a qualified mortgage professional to learn whether your service (or your spouse’s service) makes you eligible for the loan.
2. Apply For The Loan
If you’re eligible for a veterans mortgage loan, it’s time to apply and get the process started. How should you apply? You can apply online, through your lender or via mail. If you’re confused about the application process, you should reach out to a trusted mortgage bank that will make the process much easier.
3. Reap The Benefits
Once you’ve been approved, it’s time to enjoy the benefits of receiving a VA mortgage loan. You won’t be required to make a down payment before getting a loan, which is usually required. Additionally, you’ll likely have lower mortgage payments than a traditional borrower, and if you fall on hard times, the VA will try to help you avoid foreclosure.
If you’re navigating the VA mortgage loan process and have any questions, reach out to Emmanuel St. Germain and the team at Choice Mortgage Bank. Give us a call at 561-400-7317, and we’ll help you figure out which mortgage loan will be most beneficial for you.