Buying Your Dream House Using VA Loans

Jul 13, 2016 Alice Mortgage 0

VA loans are loans advanced to veterans and their families. These loans are advanced by the US government through contracted lenders.

If you are a veteran or family to a veteran, buying your dream house is now possible through the VA loans. VA loans are the convenient way for you to get the home of your dreams. Compared with private mortgage insurance loans, they have the following benefits to offer;

Lower Interest Rates

This is the best deal you will ever get. VA loans are offered at significantly lower interest rates. This means that the total amount you will pay back will be way less than in the case of private mortgages.

No Deposits

Another advantage that you get from buying your dream home using VA loans is the fact that you don’t have to make a deposit. For this reason, you are able to get your loan without having to wait for years to save the deposit money.

Lower Monthly Installments

VA loans allow you the benefit of repaying the loan with lower installments every month. With a VA loan, you will not have to live on a tight monthly budget just because you are expected to pay high amounts every month, in terms of installments.

If you would like to buy that dream house of yours using a VA loan, Flagship Financial is the perfect VA loan lender to work with.

How to Get a VA Loan from Flagship Financial

Eligibility

The first step that you have to take is check your eligibility for VA loans. You can check for your eligibility on the official VA website. After ascertaining that you are eligible, fill the VA Form 26-1880. After this, request for Certificate of eligibility for VA home loans and submit this application to the VA eligibility center.

Home Inspection

After getting the eligibility certificate, you can now start viewing the homes of your liking and making inspections. This will help you in determining whether the home is worth the asking price.

Apply for the VA Loan

After you have identified your ideal home, you can now apply for the VA loan. They will process your request and once you are approved, the appraisal process will begin.