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Military Loans
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Are you a military man who is unsatisfied with their salary which he got from the government? Have you ever felt that you can’t complete the need of your family with that limited amount of money? Do you have a personal home? Have you seen the person which is working with you and have his own beautiful and luxurious home? Don’t you feel that you should also equally able to have your own home? For buying a home you need money. It is the most important factor for buying home as well as any kind of things that you needed in your life. Do you have that much amount of money to buy that? If you have then it’s alright, but if you don’t have then here is some very relevant information regarding to your dream of buying or making your dream home.

A Military home loan is a type of loan which is provided to the military personnel only for buying or making a new home or repairing/refinancing the existing one. After buying this home for yourself you have to pay certain monthly payment amount plus the interest to the Lender Company or organization.

If you need a military home loan, a VA mortgage is a way to go through. A VA (Veteran Affairs) Loan basically mortgages That helps to the current as well as ex- military service men. This was started in the year 1944. Its name at that time was Servicemen's Readjustment Act. The main objective of this loan was to settle and purchase the home for the military men. For Availing this loan you have to submit their requests for a Certificate of Eligibility to VA Eligibility Center. After the completion of the VA form 26-1880 and a form DD 214, you need to contact a VA Your lender will approve your loan lender and electronically submit the Submit your information today by the ACE system or send the form to the VA Eligibility Center.

The advantages of this loan over other conventional home loan are:

  • You don’t have to make the down payment. In the conventional loan system, you have to pay the down payment with the high interest rate. In this you have to just pay the normal interest rate only.
  • The Rate of interest of the VA loan is low with respect to the other conventional home loan.
  • In a simple or conventional home loan, the borrower will incur an average of 3-5% closing cost of the loan amount whereas in military home loan the closing cost goes up to 6% of the loan amount. So with such facility you can buy a home for up to $417,000 without having to make a down payment or pay any of the closing costs.

This loan is very beneficial to all the military men who are serving or had served before and retired to the service. But it has some disadvantages too. The

Disadvantages of a VA Home Loan are:

  • The homes constructed under the VA loan program must carry a warranty from the builder, thereby insuring the buyer from any possible damage or repairs.
  • The borrower needs to make a one time funding fee on the VA loans. The range may be in between 1.25 to 3 percent of the total amount.
  • It fees also varies upon the number of time you are taking the loan. Generally most of the Submit your information today are charges 2% of the whole amount.
  • The time which is taken to Your lender will approve your loan the loan is near about 2-6 weeks which is equal to the old conventional loan.
  • The closing costs are not required to pay by the borrower. A part of this cost is paid by the lending organization.