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Purchasing a home is likely the single largest investment you’ll ever make, and choosing how to finance your purchase is just as important as the house itself. There are many different options when it comes to home loans.
Did you know there are special loan programs just for veterans and community heroes? These special loan programs can provide significant savings for qualified applicants. We’ll explain these here so you can get the best deal possible when it comes time to buy.
VA Home Loans
Veterans Home Loans are guaranteed by the US Department of Veterans Affairs, but are provided by private mortgage lenders such as mortgage companies, banks, and credit unions. The government guarantees a portion of the loan against loss and helps lenders provide favorable financing terms. VA home loans usually offer the following benefits:
Be aware that many VA loans include a one-time funding fee that can be included in the loan. Many veterans receiving VA disability are exempt from the funding fee. In general, the following people might qualify for a VA loan:
Community Hero Home Loans
Being a community hero is a calling to serve others over oneself. Many credit unions and other financial institutions have special programs that aim to ease their burden by offering valuable home loan savings. In general, the following people might qualify for a Community Hero home loan:
Community Hero home loans usually offer the following benefits:
When you’re in the market to buy a home, be sure to explore these options and choose a lender who assists these very valuable community members. Tell your lender about your history, and ask them for guidance about current mortgage rates and what you qualify for.