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MORTGAGE OPTIONS FOR VETERANS: WHAT ARE THEY?
Your best bet for getting a mortgage as a veteran comes in the form of VA Home Loans, which are insured by the Department of Veterans Affairs and allow qualified borrowers to buy homes with no down payment. However, getting a good mortgage as a veteran also involves finding the right mortgage lender. And in some cases, you may find that you qualify for a mortgage-free home provided by a nonprofit group.
MORTGAGE PROGRAMS FOR VETERANS
The first step towards obtaining a home loan is to identify your choices. Conventional mortgages are just one option for home financing, and if you're a veteran they're far from your best option. Several government-sponsored options exist to help current and former servicemembers get a mortgage.
VA Loans. While there are multiple mortgage programs designed to make homebuying easier for people, the VA Home Loan Program is easily the strongest mortgage option if you're a veteran. Even if you haven't saved a substantial amount, a VA loan lets you buy a home worth up to $424,100 with no down payment. Even compared to FHA loans or conventional mortgages, the VA loan's zero down requirement delivers an unmatched advantage.
FHA Loans. Although qualifying for VA loans is relatively simple, there are other cost-effective programs that veterans can apply for. FHA loans are insured by the government to create opportunities for mortgage borrowers with bad credit or low savings. If you find that your credit score is getting in the way of a VA loan approval, FHA loans may be a more accessible option. However, they come with a minimum down payment of 3.5% or 10%, depending on your FICO score.
USDA Loans. If you're thinking about buying a home in a suburban or rural area, you may qualify for a zero-down mortgage backed by the USDA. USDA home loans are meant to encourage homeownership in non-urban areas of the US, and allow borrowers to enter mortgages with no money down as long as the property is located within a qualified area. Household income must also fall under a limit that is different for each area. You can find out whether you live in a qualifying area here.
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