No private mortgage insurance (PMI), no down payment using your veterans eligibility certificate to buy a house.... Two pretty darn good reasons for going after a VA home loan.
Are you in the market to purchase a Maine home and in the dark on the best mortgage loan to fit your finances and match the home of your dreams? Considering a VA home loan may be the best mortgage product out there to lock and load for the shock and awe soldier. Keep your head down, your socks dry and skip the step about crawling on your belly like a reptile under barbed wire. At ease... VA home loans explained from A to Z in this real estate blog post.
My Dad was a veteran, a tail gunner in a B-24 squeezed tight in the back end of the Liberator four engine aircraft during World War Two. I have two older brothers who served and are veterans.
Part of the benefits that are many to being a veteran is your ability to use a VA eligibility certificate to buy a home in Maine. But who is a veteran. For years I was told that serving in the National Guard did not mean you were able to get a VA home loan. So let's thrash out who qualifies for a VA loan.
For starters, the all important discussion about who exactly is eligible for a VA mortgage home loan?
What's it take to qualify. It starts with your answers to a few simple questions. Can you say yes to any one of the following questions to determine VA home loan eligibility?
1) Were you on active duty for at least 90 consecutive days during wartime?
2) Have you served at least 181 days of active duty during peacetime?
3) Did you serve in the National Guard or Reserves for more than 6 years?
4) Are you a widower or widow of a military service member who died either in the line of duty or as the result of an active-duty service-related injury or disability?