Advantages of Being a Veteran to Get a Home Loan

INTRODUCTION

As a veteran you are able to take advantage of a number of programs to help you live a comfortable lifestyle. One of the best programs available to you is the Veterans Administration home loan program. This loan program offers current and past military members the ability to purchase and finance a home. When looking to get a home loan program through the Veterans Administration, Flagship Financial is a leading lender that will help make the process much easier. There are a number of advantages that you get as a veteran in terms of getting a home loan program. These advantages include flexible loan amounts, lower interest rates, lower down payment requirements and also a number of different types of homes that you can finance.

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FLEXIBLE LOAN AMOUNTS

The first advantage you have as a veteran in terms of getting a home loan is the flexible loan amounts. As a veteran you can finance up to $350,000 which allows you to buy a home in most areas of the United States. With a loan amount of up to this much you will likely be able to afford nice and spacious homes as long as they are at or below the national average in terms of purchase price. By having flexibility in home loan amounts, veterans will have an easy way to purchase their ideal home through the Veterans Administration and Flagship Financial.

LOWER INTEREST RATES

Another advantage of being a veteran and seeking a home loan is the fact that you will get lower interest rates for you loan. Unlike the private sector, veterans will be able to get home loans at interest rates as low as 2.5%. As a result this makes home loans very affordable as you will often have lower than average mortgage payments. The lower interest rates make purchasing a home very beneficial to those who have served in the military. Therefore being a veteran gives you the advantage of getting the lowest possible interest rates when looking to get a home loan.

LOW DOWN PAYMENT REQUIREMENTS

When looking to get a home as a veteran, you will have the advantage of low down payment requirements. The Veterans Administration offers loan programs that require down payments for as low as 5% of the purchase price. Therefore you will have the opportunity to purchase a home with a minimal up front cost. As a result buying a home will often be more realistic and more affordable then if you were to get a home loan from a private sector lender. Therefore low down payments are one of the main advantages of being a veteran who is looking to buy a new home. With all of these advantages, veterans will likely have an easy time getting the home of their choice at the most affordable terms.