Are You Considering a VA Home Loan?
Yesterday’s military news from yesterday was devastating. From the story of the 16 enlisted people who died in a military plane crash in Alabama to the story of an explosion hat an Air Force recruiting center in Bixby, Oklahoma, Americans across the country are reminded about the sacrifice that service men and women make who volunteer to enlist in the armed services. With no draft in place, it is important to remember that everyone who is in the service is their by choice, putting themselves in harms way, whether on foreign soil or in this country.
One of the small ways that the nation thanks these enlisted men and women and their families, as well as those veterans from previous service is through the veterans Home loan program. These VA loans are meant to help both current and past military members access affordable and manageable loan rates for their homes. Taking the time to prequalify for veterans home loans, in fact, is the way that many military family members are able to buy their first ever home.
Who Are the VA Home Loan Lenders Near Me?
Understanding the process of getting these mortgages and knowing who offers these loans can seem complicated, so it is best to talk with your best available resources about VA home loan lenders near me, how to get qualified, and other details even before you begin a home search. Proper preparation will avoid wasting time looking at homes that do not fall within the guidelines of getting access to these affordable interest rate loans and the no money down option. As always, it is essential to make sure that all lenders pay careful attention to expected monthly payments and stay within a limit that is manageable. Consider some of these facts and figures about the VA home loan program:
- More than 27 million veterans have achieved home ownership through the VA Home Loan program.
- Amounts vary across the country, but $40,226 is the median income for veterans in the state of Texas.
- 707,107 home loans were guaranteed by the VA nationwide in the year 2016.
- 134,808 home loans went to veterans who were first time homebuyers in the year 2015.
- 187,307 home loans went to veterans who were previous homebuyers in the year 2015.
- VA mortgage rates are currently as much as 50 basis points lower than the rates available for conventional mortgage loans. In addition, these loans do not require mortgage insurance and allow for 100% financing, meaning that you do not need to have a down payment.
It is important to ask the question who are the VA home loan lenders near me if you are a current or former military member.