Important Reasons Why Military Personnel Use VA Loans
This is a guest post by Rosana about loans.
Only the best mortgage services should be dealt with when securing or refinancing a home.
This is something military veterans may understand particularly well, as they are used to getting a job done in the most efficient way possible. Because of this, they may elect to utilize VA loans, rather than exploring the more commonly accessible options. But what is their rationale behind this decision? What perks does this strategy bring? Keep reading for more.
Straightforward Requirements
Though much work goes into securing a VA loan Certificate of Eligibility, the requirements for qualifying are relatively straightforward.
Some of the criteria that veterans themselves need to meet include:
- Accumulating 90-consecutive days of active service during wartime.
- Serving a total of 181-days of active service during peacetime.
- Performing 6-years of service in the National Guard or Reserves.
Investing in real estate via other means can be fraught with unjust complications. Late last year it was reported that lenders deny mortgages for black people at a rate that was 80% higher than those for white people. Numerous other challenges may arise also in relation to rates and qualifying, causing feelings of frustration.
Because VA loans are tailored support schemes that only take service into account, military service members who are minorities may choose the VA loan route to avoid racial discrimination. White veterans may also choose VA loans out of solidarity or principle too. Until changes are made elsewhere, VA loans could be the more ethical choice.
Greater Speed and Efficiency
Military personnel looking for VA home loans should try to consult Hero Loan first. They allege that while most lenders take 60 days to complete a VA loan, they can close in as little as 14 days by comparison. They also shoulder all the paperwork on the veteran’s behalf. Lower mortgage rates are also possible here, with no additional appraisal fees, or upfront and out of pocket costs.
It might be that military veterans are overwhelmed with any other number of issues in their lives. To have a service that is so accommodating can be a great asset not only in securing a new home, but in improving one’s overall wellbeing in relation to things like stress too.
Spousal Support
The VA loan could is not just for individual veterans. It can also be accessible to spouses of military service members who have died in the line of duty or because of a service-induced disability. While this is an unfortunate prospect to consider, it is worth noting that military families should have an easier time maintaining their home should the worst come to pass.
Page 8 of a military family trend survey spanning 2008-2018 highlighted that service members and their families ranked financial stress as their chief concern, even over deployment. The situation has likely not changed with the effects of the pandemic either. Therefore, VA loans could provide some measure of comfort.
