Applying For a VA Loan: Important Need-to-Knows

A soldier holding a model of a house If you are seeking to become a property owner and you have served in the military, then you can apply for VA loans in St Louis. Understanding the advantages of such loans is just as important as understanding the eligibility criteria. For Top Flite Financial, Inc., a trusted mortgage lender, it pays to know more about your loan options. Below are three beneficial facts about VA financing:

Benefits Cannot Expire

If you have ever served in the military, then you can always get a VA loan. This is regardless of when you served and for how long. You could get a VA Eligibility Certificate by checking out the eBenefits website of the department. This would affirm that indeed you are a valid beneficiary of such financing.

Low or No Down Payment at All

Most service members and veterans can qualify for financing without the need to settle a dime in down payment. Compared to when you get a regular loan, you could find the property of your dreams and move easily. Such an arrangement would, however, require you to get mortgage insurance. In case you opt to pay at least 20% of your mortgage in down payment, then you can dodge paying mortgage insurance.

Low Loan Rates

Compared to the standard rates for mortgages, VA rates are lesser by nearly 0.25%. The department of veteran affairs backs up the financing and this implies that lenders face lesser risks. According to verifiable reports, there are lesser cases of foreclosure related to property owners who finance using VA loans. This fact has played a significant role in maintaining lower rates for such financing.

The right lender will provide the tools you need to find in-depth information about this kind of loan. While the terms may be superb, the need to make well calculated financial decisions should not be overlooked. You still need to find a lender whose integrity cannot be questioned.

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