People who serve our country make many sacrifices. One benefit that they earn through their service is access to VA mortgages, which are home mortgages guaranteed by the Office of Veterans Affairs (VA). The VA loan program helps make buying homes more accessible to veterans and their families and offer many benefits including:

  • Flexible credit requirements
  • No down payment requirement
  • Lower interest rates
  • Limited closing costs
  • No mortgage insurance requirement

VA loans are available for people who have served 90 days of active duty during wartime, 181 days of active duty during peacetime, or at least six years in the National Guard or Reserves. One important point about VA mortgages is that military personnel who are currently deployed can still take advantage of the program now, rather than waiting until they are discharged.

VA mortgages do have some restrictions, but there are ways that active-duty personnel can address those restrictions. Since these loans are focused on getting VA borrowers into homes in which they’ll live full-time, you are required to live in the house you buy. But for active-duty military, a spouse and/or children may be able to fulfill the occupancy requirement.

Active-duty military members who receive a monthly basic allowance for housing (BAH) can use this money to qualify for a VA mortgage. In addition, active-duty personnel who have a VA loan and are facing financial stress can take advantage of the Servicemembers Civil Relief Act (SCRA) which protects active-duty military and their families from rising interest rates, foreclosure, eviction, income tax payments, and other unexpected challenges. Active-duty personnel can find out more about the SCRA from their local Armed Forces Legal Assistance office.

Military personnel who are currently deployed away from their families and aren’t available to manage the loan process can typically assign a specific power of attorney to a member of their family, allowing that person to sign loan documents and complete the loan process.

If you’re active-duty military who would like to find out more about getting a VA mortgage, contact Embrace Home Loans today at 407-733-6425. As a VA lender, we can help you with the process of getting a VA loan and put you and your family on the path to homeownership.