Have you ever wonder what makes a VA Loan a better choice than the other loans available for a Veteran? You can finance 100% of the value of the home for either a refinance or a home purchase.
Another reason is that interest rates are typically lower than traditional financing and there is no mortgage insurance.
Finally, credit restrictions are a lot more lenient for VA Loans. You aren’t required to have a perfect credit history.
Veterans are coming in pretty evenly with either purchases or refinancing. On a refinance, a veteran can refinance 100% of the value of the home for things like debt consolidation or home remodeling, which open up a lot of opportunities.
That is a great deal if you have been in your home for a while and maybe you’re thinking you need a new kitchen, man cave or anything else to update your home, you can refinance with that.
The Veteran’s Administration uses a point system and so it’s not exactly science of how many years you need to be in the Reserves but typically, Integrity Lending finds that a veteran that has been in the Reserves without active duty will need to be in the program for around 6 years to have the appropriate points accumulated in order to take advantage of getting a VA Loan. If a veteran in the Reserves is called to active duty, they will be very likely to get a VA Loan.
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