Using Your VA Home Loan Benefit in West Virginia
Charles Town, West Virginia, and the surrounding area, is full of historical charm and is also close to many military bases making the area a popular residential location for veterans and active duty service members. The tight knit communities and close proximity to the Baltimore and Washington D.C. also make it a great area to live in for commuting families. If you are a military member or the spouse of one, and are planning to move to the Charles Town area, consider using a VA Home Loan to purchase your new home.
What is a VA Home Loan?
A VA Home Loan is a mortgage loan given solely to military members and eligible spouses that is partially backed by the Department of Veterans Affairs. VA Home Loans are granted through the VA Home Guaranty Loan Program, which was established in 1944 to make achieving homeownership affordable and accessible to all veterans and active duty service members. To date, nearly 19 million military members have become homeowners through the program.
Why Choose the VA Home Loan Program?
For military members, there is no other lending program more suited to their needs than the VA Home Loan Program. Unlike many conventional lending programs, the VA Home Loan Program is able to offer borrowers numerous money saving benefits in spite of the program’s lenient income and credit requirements. Typical VA Loan benefits include:
- Zero down payment required
- Competitive interest rates
- No mortgage insurance required
- Flexible loan terms available
How Do You Obtain a VA Home Loan?
Because a primary goal of the VA Home Loan is to make achieving homeownership easy for all military members, the program has streamlined the process for obtaining a loan. In as little as 30 days, a veteran or active duty service member can be in their new home by simply adhering to the following the six steps:
- Contact a VA Loan Specialist, such as VA Mortgage Center.com
- Submit a Certificate of Eligibility
- Find a home to purchase
- File a VA Home Loan application
- Wait for processing and approval
- Close the loan
Who is Eligible for a VA Home Loan?
Many conventional home loan programs have strict eligibility requirements, which can make securing a loan impossible for interested borrowers. However, the VA Home Loan program has some of the most lenient eligibility requirements of any lending program allowing veterans and active duty service members to become eligible for a VA Loan by simply:
- Having served at least 3 months on active duty during wartime or 181 days on active duty during a time without conflict
- Or having served 6 years in the military Reserves or National Guard
There are no income or credit requirements associated with the VA Home Loan Program, but a majority of VA-approved lenders will desire a credit score of at least 620 to secure financing. However, interested borrowers should not be intimidated by the lender credit requirements as even borrowers with histories of bankruptcy and foreclosure have been approved in the past.