VA Loans (Military Loans)

VA Loans (Military Loans)

Military Loans are personal loans designed exclusively for military personnel (active duty and career-retired).  Most online Military Lenders advertise their cash loans ranging from $500.00 to $10,000.00, and offer their customers the ability to easily apply online.  Knowing what to expect from the VA Home Loan process can be very daunting, especially if you are first time home buyer.  However, as with everything in life, the more you know, the more prepared you will be when taking the first steps toward home ownership.  Military Personal loans can be a good way to pay for emergencies, minor purchases, vacations, or for consolidating other debts that are at a higher interest rate than the military loan rate.

The VA Home Loan Guaranty Program offers advantages that other loan programs do not. The major advantage of the VA home loan program is that most VA loans are made with little or no down payment.

The exact amount of a veteran’s entitlement is shown on the Certificate of Eligibility. Veterans who do not have this document should contact their nearest VA regional office.

Veterans can use their entitlement to purchase, build, alter, improve, refinance or repair a home. There is no requirement that the entitlement must be used within a certain period of time except for members of the Reserves and National Guard who must use their entitlement by Oct. 28, 1999. VA home loan eligibility remains available until used.

To be eligible for a VA home loan, a veteran must have been discharged under conditions other than dishonorable, after serving a minimum period of time on active duty, depending on the period of service. Active-duty-for-training does not qualify an individual for VA home loan benefits.

Most military lenders claim to deposit the money in the borrowers checking or savings account within 48 hours of the loan offer being signed / ESIGNED by the military borrower. Process details vary from lender to lender.

Military loan terms typically range between 6 to 36 months. The length of the loan term is determined by the amount of money borrowed and the service member’s Estimated Time in Service (ETS). In addition, other military lender specific factors may influence the length of the military loan term. Military personal loans are capped at 36%. That said, before you accept a military loan offer make sure to closely review the loan contract and inspect the “Truth & Lending” disclosure document. Unlike mortgage applications, military personal loans DO NOT require a large pile of confusing documents to complete the contract process. So finding the interest rate, fees and other important details should be rather easy in comparison to a mortgage application.

The actual interest rate will likely vary from lender-to-lender and applicant-to-applicant. The military lender reviews each application for military specific information and typically require a copy of the service members most recent LES and a copy of their Military ID. The military lender may or may not require each applicant’s credit to be pulled. Before applying, you should review the military lender’s loan application requirements.

This information is designed to help you navigate the benefits offered to veterans and their families so that you can get everything you deserve.

Get started today:

  • Financing Your Dream Home
  • Military Service Requirements for a VA Home Loan
  • Using the VA Home Loan Program, Step by Step
  • VA Home Loan Refinancing

VA Loan Rates

  • Tori Raddison
    Posted at 19:47h, 13 January Reply

    It’s so nice to know that VA loan eligibility remains until you use it and it doesn’t expire. My brother was in the military, so I’ll have to tell him about this. I wonder if he already knows about it.

  • Angela Waterford
    Posted at 23:53h, 07 January Reply

    Thanks for explaining that my husband’s exact amount that he will be entitled to a VA mortgage loan would be shown on his Certificate of Eligibility. He told me that he wants to start a family with me now, and since we both live in a one-bedroom apartment, having a child in such a house would not suit our child’s needs. I think I should tell him to try to get one as long as we have the budget for it.

  • Kim L Armstrong
    Posted at 23:53h, 02 November Reply

    What if I need a VAPersonal loan and I receive disability direct deposited. Is that possible? And where would I apply? I live in Houston, TX Thanks😎

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