VA Loans: Secure Financing for Our Country’s Heroes
Are you a veteran, servicemember or person who has otherwise served our country directly or indirectly as part of the armed forces? If so, you may be eligible for a VA loan: a government-secured mortgage with great benefits. Dream Home by Bob loves helping our heroes use VA loans on great new homes in New Jersey. We focus on properties in the great neighborhoods of Aberdeen, Middlesex, Monmouth, and Ocean County. If you have questions about VA loans or are interested in a free quote, call our team to get started.
The History of VA Loans
VA loans were a great program founded during World War II. The government wanted to aid returning veterans and their families in finding an affordable, permanent home. Many VA Loans were funded by private lenders and insured by the U.S. Department of Veteran’s Affairs (VA). Veterans and other servicemembers are provided with many “entitlements” for their service. For this reason, the government will back VA loans and approve Vets for mortgages up to a certain amount. If a mortgage is backed by the VA, then this means it protects the lender if a borrower defaults on payment. For this reason, VA loans are much less of risky to lenders. Less risk means lenders open their doors to clients with more diverse financial standing.
VA loans have great benefits to consider for those eligible. They include:
- No down payment requirement
- Limits on how much the buyer can pay in closing costs
- Lower average interest rates than any other home financing
- No monthly mortgage insurance premiums
- No penalties for early payment
- Easy refinancing options
- Reusable entitlement
To be eligible for a VA loan, you’ll first need to secure a Certificate of Eligibility (COE). To get a COE, you’ll need to submit paperwork or other documents that shows how you or your spouse served the country. We’ll need to verify your eligibility, but you’re likely eligible if you are a:
- Veteran who served at least 90 days of active duty during wartime
- Veteran who served at least 181 days of active duty during peacetime
- Veteran who was discharged because of a service-related injury
- Current active-duty servicemember with more than 90 days of continuous service
- Reservist or member of the National Guard who served at least six years
- Surviving spouse of a veteran who was killed during service or because of a service-related injury or who was declared MIA or POW
Take Advantage of a VA Loan in New Jersey
Dream Home by Bob loves helping our heroes use VA loans on great new homes in New Jersey. We focus on properties in the great neighborhoods of Aberdeen, Middlesex, Monmouth, and Ocean County. Contact our offices and visit our website for more great information. Click here to get pre-qualified today!