| Are you shopping for a new home and now need to | | | | apply for a VA loan. |
| think about financing? If you have been in the | | | | Applying for this type of financing is done just like with |
| military-and was honorably discharged-or are currently | | | | any other lending program. You will need to fill out an |
| serving, you may want to consider a VA loan, | | | | application with your financial and personal information |
| because there are many advantages. The process is | | | | to be reviewed by a mortgage lender. You will also |
| no more or less complicated than applying for any | | | | need to provide your Social Security number so that |
| other type of mortgage. With benefits that come with | | | | your credit report can be pulled. A mortgage lender will |
| this type of financing, it is worth a shot. The worst thing | | | | be interested in whether or not you have been able to |
| that will happen is that you will be denied and you have | | | | fulfill your financial obligations in the past. Your overall |
| to look into other financing options. Of course, you can | | | | credit score is often a determining factor in being |
| get this type of loan for debt consolidation or refinance, | | | | approved for a VA loan. |
| too! | | | | Those who are approved for this type of financing |
| If you are wondering whether you are eligible to apply, | | | | may enjoy benefits like no down payment, 100% |
| you can contact your local veterans office and ask | | | | financing, no maximums on loan amounts, and no |
| them about the eligibility requirements. The | | | | prepayment penalty if you decide to pay your loan off |
| requirements are fairly simple, though. You simply had | | | | early. Many veterans also enjoy really great interest |
| to have served in the military sometime between | | | | rates when they are approved for this type of |
| World War II and the present. If you served during | | | | financing. While the market and interest rates generally |
| wartime, you need to have served at least 90 | | | | fluctuate quite a bit, these rates remain very |
| consecutive days. If you served during peace time, | | | | reasonable. The bottom line is that they make the |
| you will need to have served at least 180 days. Only | | | | home-buying process more affordable to veterans. |
| those who were honorably discharged are eligible to | | | | |