Oregon VA Home Guaranty Loan Program
Purchasing a home is an exciting step in life, and one of the most important options you have to consider is how to finance the home. If you are a veteran or an active military member, a VA Home Loan is certainly a financing option to look into. The VA loan program offers benefits that no other loan program can match, which makes it one of the most advantageous loans on the market. While a VA Loan may not be the best option for every service member, it is important to understand the benefits when compared to conventional financing options.
VA Loan Benefits:
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No money down option for qualified buyers
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Does not require you pay Private Mortgage Insurance (PMI)
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No prepayment penalties
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Interest rate caps for active duty service members
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Credit guidelines are more lenient since service members experience frequent moves and deployments, which can prevent establishing long-term credit and savings.
How Much Can I Borrow?
In the Mount Hood area, the VA loan amount is set at $417,000 (this is typical for most counties). With a VA Loan, you are able to refinance a current single-family home, purchase a new home, or VA-approved Condo as well. (In terms of purchasing, the home or condo must be your primary residence).
There are many more options when using your VA home loan benefit, so it is important to speak with a knowledgeable VA approved lender, like VA Mortgage Center, before you moving too far forward.
Eligibility
To be eligible a service member must have served on active duty for three months during wartime or 181 days during peacetime. A service member is also eligible after serving in the National Guard for at least six years; however, service members with a dishonorable discharge do not qualify for the program.
For more information on using your VA home loan benefits and finding the home of your dreams contact Liz Warren or a VA approved lender today!
Matt Polsky is a blogger associated with VA Benefit Blog, a blog focused on providing veterans and service members with current news and information on the VA benefits they have earned through serving our country.
