Why VA Mortgage Loans Are Best Bet for Military Home Financing

VA home loans for refinancing and home buying have been the talk of the mortgage industry for most of 2010.  While most mortgage lending programs have been tightened this year, the VA mortgage programs remain aggressive and VA mortgage rates have hit record lows this year as well.  The only problem most borrowers have with VA loans is the eligibility, because you need to be in the military, a retired veteran or married to either of the two. 

Fixed VA Mortgage Rates Starting at 4.25%

As far as military home loans go, nothing beats the VA mortgages for flexibility and affordability.  VA home loans enable a borrower to finance the purchase of the home with no money down.  VA loans also enable military borrowers to refinance their home with no equity.  With the exception of the USDA loan, there is no other zero down home loan than the VA mortgage available on the retail or wholesale mortgage market today.  If you are active in the military or a veteran financing a home has never been easier.

Zero Down Home Loans and 100% Mortgage Refinancing with VA Home Loans 

The 100% refinance programs enable rate and term refinancing with no equity.  The VA streamline mortgage is unique because it often requires no appraisal and no income documentation.  The VA streamline refinance really is amazing because with 100% mortgage refinancing and no appraisal, the loan to value could be more like 115 or 125% in this depressed housing market. VA mortgage lenders like originating VA loans because the underwriting is flexible with credit and the borrowers typically have income that can be easily documented.  According to a spokesman for the VA Home Mortgage Loan Company, “VA mortgage loans ensure affordability with low VA rates and the loan guidelines make it a no brainer for the borrower.”  The VA loan programs requires no money down and enable borrowers with less than perfect credit get a second chance with their military home financing benefits.   The VA mortgage loans have also been performing better on the secondary market as less VA loans have defaulted or been foreclosed upon.  Talk to a loan officer today and see if you meet the VA loan eligibility requirements.