Government loans are guaranteed by two agencies: the Federal Housing Administration (FHA) loans or the Veterans Administration (VA) loans. They can also be used to re-finance, as in VA refinancing. Please note that Peak Home Loans are experts at getting our clients the hassle-free, low cost, easy approval on the VA refinance loan they desire. Another thing to remember, most people have better credit than they think, usually Fair Credit or better, keep this in mind while filling out our online form. When contacted by us, kindly ask our loan professional any question you may have. They will be more than happy to assist you in finding the best loan, either a conventional or a VA refinance, for your particular circumstance. Remember, all loans don't fit all people; if you need a mortgage loan, we'll find the right one for you.
Qualifying for a VA loan can be a great asset for a homeowner or prospective homeowner. If you have served in the military, you can qualify for a Veteran's Administration loan for a home purchase or a mortgage refinance. The best news is that you don't need "good" credit to qualify, and you will only need to put as little as nothing down. Please read below to see if you qualify. And if you do, thank you for serving.
VA loans, according to VA.gov, are designed to help military veterans with home purchases and home refinancing. There are advantages to pursuing a VA loan, if you qualify.
VA loans are great, and recommended for, those individuals who are buying a home for the first time, may not have a lot of money to put down a house, and are running into problems obtaining other loan types. Peak Home Loans can help find the right loan for you. There are many people out there who may qualify for a VA loan but not realize it. Peak Home Loans can assist you in obtaining a Veterans Administration home mortgage or a Veterans Administration refinance, if you have poor, fair, good or excellent credit.
If you are a veteran, during the times in the following tables, you may qualify:
|Service from:||World War II||September 16, 1940 to July 25, 1947|
|Korean War||June 27, 1950 to January 31, 1955|
|Vietnam War||August 5, 1964 to May 7, 1975|
|Persian Gulf War||August 2, 1990 to date|
During wartime, you must have at least ninety days of active duty. Additionally, you may not have a dishonorable discharge on your record. A discharge due to disability, with less than the 90-day requirement, may also qualify you for a VA loan.
|Service from:||March 26, 1947 to May 26, 1950|
|February 1, 1955 to August 4, 1964|
|May 8, 1975 to August 1, 1990|
During peacetime, you must have at least one hundred eighty one consecutive days of active duty. Notice, the length of service is twice that for peacetime duty than wartime. Additionally, you may not have a dishonorable discharge on your record. A discharge due to disability, with less than the 181-day requirement, may also qualify you for a VA loan.
|1) Are children and spouses eligible for VA loans?|
|If a serviceman/woman died or was disabled while serving in the military, the spouse qualifies for a VA loan. Children are not eligible to receive VA loans.|
|2) Who provides VA loans?|
|Regular banks make a VA loan. But, the federal government guarantees these loans in case of foreclosure. This government guaranty allows banks to make VA loans with a small or no down payment.|
|3) Are VA loans available for those previously foreclosed on?|
|Yes, VA loans are available with a prior foreclosure. One of our mortgage specialists would be more qualified to further discuss this question. They would be able to guide you through the entire loan process from beginning to end, plus other flexibilities.|
Please note that there are many mortgage options other than a VA loan. One of our mortgage professionals can assist you with finding the perfect loan for you. For example, a fifteen-year or thirty-year mortgage would be appropriate if you think you are going to stay in your house for awhile. If you think you are going to move, or are going to refinance in the near future, an adjustable-rate-mortgage would be more appropriate. The bottom line is Peak Home Loans is here to help.
"Our well-qualified mortgage experts will do whatever it takes to get you the loan you want with the best rate available, the lowest monthly payment, and the most cash if you need cash. We will work around less than perfect credit and reward those with good credit. We will do what others cannot." - Peak Home Loans, hundreds of thousands served since 1998.