The VA Mortgage is still a Good Deal

VA Mortgage Still a Good Deal

It may sound like a cliché, but today is a great time for veterans and other eligible borrowers to buy a home with a VA mortgage. All signs are pointing to steady growth for the overall real estate market. This means that home prices will continue to inch up while supply of available homes could dry up in certain areas. Here are some of the advantages of a VA loan that are still relevant in the current economy.

Low Credit Scores are Not Automatic Rejection

Most conventional loans will not look at an application with credit scores below 700. Even FHA is trying to steer away from potential borrowers that have a score below 620 (although exceptions are made). However, this is not the case with the VA home loan. The guidelines from the Veterans Administration focus heavily on the most recent 12 month credit history. The three big items that can prevent a loan approval are tax liens, bankruptcy and large collections.

No Money Down

New car dealers like to advertise their “no money down” deals. However, the fine print often explains that these deals only apply to a very select group of people. The VA mortgage is the exact opposite. A qualifying veteran, member of the reserves or disabled soldier can purchase a home without the need for a down payment. This can save most borrowers thousands of dollars.

Benefits Extend Beyond the Veteran

Recent rule changes have made it possible for other people to qualify for a VA loan. This can include a surviving spouse or even the children of veterans. Special rules do apply and it is best to speak to a lender experienced with VA loans. But the fact remains that more people are now eligible for the mortgage than at any other time in history.

Rates are still at an all-time low. However, most analysts are predicting that as the general real estate market continues to improve the interest rates will rise with it. Now is a great time to apply for a loan and lock in a great rate and take advantage of one of the best mortgages currently available.

Contact us below or apply online to see if you qualify for a VA Mortgage!
Important Disclosure

The VA mortgage program is available to eligible Veterans only.

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Filed under: Minnesota Blog, VA Loans

Luke Skar

Luke Skar is the web developer and content strategist for Inlanta Mortgage in Madison, serving Wisconsin, Illinois, Minnesota and Florida. Guided by his 12-plus years of various mortgage marketing experience, Luke provides top-quality SEO services, effective social media management, and web development and maintenance. Luke’s career in the mortgage industry began back in 2001, as a loan processor. After becoming a loan officer for a number of years, Luke is now the sole owner/operator of madisonmortgageguys.com. To ensure that all the information he posts is fresh, accurate, and up-to-date, Luke relies on the knowledge which his years of dedication to keeping up with the constant change that the mortgage industry provides.

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