A VA purchase loan helps service members and veterans become homeowners. The VA loan program was designed to offer veterans and eligible surviving spouses a way to get long-term financing for a home when they might not be able to otherwise. It’s easier to qualify for a VA purchase loan than it is for a traditional mortgage, and it can be a great option for the more than 22 million veterans and active members of the military. Find out how a VA loan can help you get into the home of your dreams.
It’s easier to qualify for a VA loan than it is for a traditional mortgage, and it can be a great option for the more than 22 million veterans and active members of the military.
Though the US Department of Veterans Affairs is not a direct lender for such loans, private lenders like Strive Lending provide loans that are then partially guaranteed by the VA, as long as all the VA’s guidelines are met. Because the VA guarantees the loans, they are less risky for lenders. Less risk means that borrowers get some significant benefits.
Most members of the military, veterans, National Guard members, and reservists are eligible to apply for a VA purchase loan. Spouses of military members who died during active duty or because of a service-connected disability may also be eligible, as are military spouses in some other situations. Strive Lending can help you determine whether or not you are eligible for a VA loan and the benefits it provides.
A fixed-rate VA purchase loan is largely like any other fixed-rate loan, although it has a few distinct advantages. A fixed-rate loan’s interest rate remains the same throughout the entire term of the loan. Because of this, both the payment amount and duration are set when the loan begins. Fixed-rate loans are easy to budget for because the monthly payment never changes. By the end of the loan’s term, both the loan and all the interest are paid off in full.
Long-term fixed-rate loans usually have a higher interest rate than short-term loans do. This is because there is an inherent risk for the lender in having such a long loan with a fixed interest rate. Strive Lending can help you decide if a traditional fixed-rate loan is the right choice for you and your future plans.
Find the best VA loan for your situation