Getting Assistance with VA Loans Through My Home Loans in El Paso
As a current or former service member, we thank you for your service. Our role as a home loan lender is to offer you a customer-centered experience in the lending process. At My Home Loans, we have a sincere respect for military families and do our best to provide them with the service they deserve from a home loan lender. If you’re currently looking to purchase a home in El Paso, we’d like to help guide you in the right direction.
What is a VA Loan?
In 1944, the United States government created the VA Loan program to assist returning service members buy a home without the troubles of a down payment or the need to have perfect credit. Loans are guaranteed by the U.S. Department of Veterans Affairs (VA) and have issued well over 22 million loans to veterans and active duty military members. Today the program continues to provide assistance to service members and their families. As a service member, you have access to a beneficial loan program that can’t be beaten by other traditional mortgages. In order to apply for a VA loan, you must meet certain eligibility requirements.
To be considered for a VA Home Loan, you must meet at least one or more of the following:
- Have served 90 consecutive days of active service during wartime.
- Have served 181 days of active service during peacetime.
- Have more than 6 years of service in the National Guard or Reserves.
- You are the spouse of a service member who has died in the line of duty or from a service-related disability.
Am I Eligible for a VA Loan?
Borrowers are not required to have a specific income; however, he or she should be able to provide proof of a stable and reliable income that will be sufficient to cover their monthly expenses, as well as a new mortgage. Borrowers are also expected to have money left over to support family needs such as food, transportation, and other basic demands. The goal is to ensure borrowers have funds available in the event of an emergency.
Why Select a VA Loan?
Unlike traditional mortgages, VA loans are designed to benefit former and active service members with a home loan that does not require meeting strict guidelines. The goal is to make buying a home a reality. In addition to flexible requirements, borrowers can experience the benefits that other home loans simply can’t offer.
- No down payment required. While most homebuyers are required to leave a minimum 3% down payment, VA borrowers don’t have to worry about a payment. This is a huge advantage considering how long many home buyers typically spend saving up for a large down payment.
- Low monthly payments. Given that VA Loans don’t require private mortgage insurance (PMI), borrowers will save thousands over the course of their loan.
- Less strict qualifications. Many first time home buyers are faced with the challenge of getting approved for a mortgage given the stringent requirements of home loans. The greatest advantage to borrowers with low credit scores, poor credit history, or no savings for a down payment is that none of these factors will set them back for a loan.
Learn More About VA Loans From My Home Loans Today
If you are a current or former service member, we encourage you to consider a VA Home Loan through a trusted home loan lender in El Paso such as My Home Loans. We can help answer your questions and assist you with the application. The process can take as little as 30 days, however, every situation is different and we can accommodate your timeline. Connect with us today to learn more.