Independence Day 2020 and we take our hats off to the men and women who sacrificed their lives for us to enjoy our freedom! To our modern-day heroes who are fighting the battle against COVID-19 in the front lines, we salute you as well. As a veteran, you deserve to have your own home. Sometimes, situations in life hinder us from fulfilling our dreams of having a home that you can call your own. But this should not be a problem as you can get competitive VA loan rates from the program that the United States Department of Veterans Affairs (former Veterans Administration). The VA is not the one offering the mortgage but they are guaranteeing a part of your mortgage. Who are qualified for a VA loan The VA is not the one offering the financing but they are setting the standards for a veteran to qualify for a loan. Private lenders and mortgage companies like American Mortgage Corporation offer VA loans with no down payment, no-prepayment penalties, no mortgage insurance, and many more. Talk to one of our loan officers to know how you can qualify for a home mortgage under generous terms. Even the credit score requirements can be talked about as this loan is backed by the government. VA loan requirements Active service members and veterans are not the only people eligible to apply for a VA loan. Surviving spouses can also apply for a VA loan as long as they submit a certificate of eligibility like all the others who qualify. Usually, VA loans are easier to apply and approval rates are higher as well as compared to conventional loans. Benefits of applying for VA loan borrowers In a worst-case scenario that the borrower can’t continue paying, the VA can help save the home against foreclosure by offering an alternative repayment plan. The VA can help in negotiating with the lender to help save the home. The VA loan is not only for a home purchase but if you are desiring to build your home from the ground up, it can be done as well. Another benefit that can be enjoyed is that the VA loan can be used together with the Native American Direct loan program if you are qualified. You have served your country well, and you deserve to have a home, so let us serve you as our way of thanking you for all the sacrifices that you have done for the country. Photo credit.