By Matt Polsky
Mortgage Commentator and Our Guest Blogger from VAMortgagecenter.com
Using a VA Home Loan to Purchase Your Vermont Home
Vermont is home to lush landscapes and excellent communities, making it a long-standing residential hot spot for outdoor enthusiasts. New England is also home to numerous military bases and many military members. Family of service members have also been drawn to Vermont as it provides them the peace and quiet they desire, which other more populous New England states may not afford, while still offering all modern conveniences of the region. For military members wishing to move to Vermont, they should consider using the VA Home Loan program to finance their purchase.
Why Choose a VA Home Loan?
VA home loans specifically cater to the needs of military members, more so than any conventional lending program. In 1944, the VA home loan program was established to meet the needs of military members, and does so by offering unique, money-saving benefits not found in other conventional home lending programs.
With a VA home loan, eligible borrowers can expect to benefit from competitive interest rates and flexible mortgage terms, in addition to other benefits, including:
- Zero required down payment
- No private mortgage insurance required
- Higher debt to income ratios allowed
In addition to the above listed benefits, the VA home loan program also has higher loan limits than other lending programs in its class. Although often overlooked, this is highly beneficial to military members interested in purchasing a home in Vermont, where home prices can average up to $400,000 in certain areas.
The Quick and Easy VA Loan Process
Obtaining a VA loan is a quick and hassle free process that begins with a simple call to a VA Loan Specialist. After the initial phone call, eligible borrowers can expect to purchase a home in five easy steps. Although the process may vary for certain borrowers, the VA loan process generally consists of:
- Obtaining your Certificate of Eligibility
- Finding the home you wish to purchase
- Submitting a VA home loan application
- Allowing time for processing and approval
- Closing the loan
According to VA Mortgage Center.com, VA loans can be secured in as little as 30 days, however, eligible borrowers should allow at least 60 days for the transaction to complete.
Am I Eligible for a VA Loan?
If you are military member, there is a good chance that you are eligible to receive a VA home loan. The VA home loan program was designed to provide easy access to affordable home financing, and because of that mission has some of the most lenient eligibility requirements of any other lending program. To initially qualify for a VA home loan, all military members have to do is submit their Certificate of Eligibility and meet one of the following service requirements:
- Have served at least 3 months on active duty during war time
- Have served 181 days on active duty during a time without conflict
- Have served 6 years in the military Reserves or National Guard
The VA home loan program does not have any income or credit requirements; however, most VA-approved lenders will expect potential borrowers to have a credit score of at lease 620 for loan approval. Even if military members do not meet credit requirements, they are still encouraged to apply for a VA home loan as even those with a history of bankruptcy or foreclosure have still been approved.