The short answer to the question do student loans affect buying a house is YES.…
If you or a loved one has been in the military, then you know know what it is like to move from place to place to place! Wouldn’t it be nice to settle down in a place you can truly call your own? If you think this may be out of reach, think again – there are actually home ownership benefits exclusive to military families.
It’s true! And MBA Mortgage can help you get access to these truly amazing benefits. One of these is the VA loan. Created exclusively for military people and their families, this loan program strives to get our service members into their own home sweet home. And here’s how these home ownership benefits exclusive to military families work:
- You don’t need a down payment: Not 20%, not 10%, not even 5%. That’s right! VA loans means you can put down 0%! And this means you can finance the entire purchase with your mortgage. That makes it a fantastic opportunity for military people wanting to get settled.
- You don’t need mortgage insurance: Typically, if you put down less than 20% of a home’s purchase price, then you need to pay mortgage insurance. But not with VA loans. Even if you put down 0%, you still don’t have to pay mortgage insurance.
- You can shop around: Think you are limited to the VA office for your VA loan? Nope! In fact, the VA doesn’t even originate or fund VA loans. Eligible lenders and brokers, such as MBA Mortgage, can set their own rates, fee, and terms. So feel free to shop around and get the best deal that meets your unique needs.
- Prepayment penalty: No way! Doesn’t it seem like some lenders are always trying to nickel and dime clients on every little thing? But with a VA loan through a trusted broker like MBA Mortgage, you can set your mind at ease. Nope. Instead, if you want to sell your home, you can. No prepayment penalties, no early exit fees. Oh – and no extra costs to refinance. Just simple and straightforward transactions.
Guess what? You can refinance your current VA loan into another VA loan program, known as the Interest Rate Reduction Refinance Loan program, to get a better rate. Or, you can switch to a non-VA loan – whenever you want!
- You have options: Think you’re stuck with a one-rate, one-type, same-for-everyone mortgage? Nope. VA loans come in all shapes and sizes. Fixed rate or adjustable rate. House or condo. New build or existing home. Use it to buy a home or refinance your current one. Upgrade or renovate. With your VA loan, you get to choose.
- Easy qualifications: Yes, every person wanting a mortgage needs to meet some basic qualifications. You may think that, being in the military, you could have more difficulty due to the nature of your work. But think again. VA loan originators understand what it is like to be a military family. And so, qualifying for a VA loan is simpler. Yes, you do need a satisfactory credit history, an adequate income, and the necessary documents. But in other ways, the qualifications are definitely easier and more flexible.
MBA Mortgage – Your Guide to Home Ownership Benefits Exclusive to Military Families
If you are looking for home ownership benefits exclusive to military families, then you need to come on in to MBA Mortgage. We can give you the low down on all aspects of VA loans – and that’s just to start! We can guide you towards other programs that can get you on the right track to affordable home ownership.