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VA home loans in Ogden, Utah, who does them - Canopy Mortgage

June 8th, 2021 10:15 AM by Nathan Rufty

Getting a loan can sometimes be a pain, especially if your credit is less than perfect. But if you are a veteran and need a loan, you have other options. As a veteran you have certain benefits that normal citizens don't have, one of these is veterans' loans. These loans are a way for the country to show the appreciation for what you've done, and can be very beneficial to ex-military personnel. Here are a few things you should know about these loans.

Benefits of VA home loans in Ogden, Utah

  • 0% Down: VA loans are among the last 0% down home loans available on the market today.
  • No PMI: Since VA loans are government backed, banks do not require you to buy Private Mortgage Insurance.
  • Competitive Interest Rates: VA loans have had the lowest average fixed interest rate on the market for more than five years in a row, according to data from Ellie Mae.
  • Easier to Qualify: The VA loan is a hard-earned job benefit created to expand access to homeownership for Veterans and service members. More flexible and forgiving credit underwriting guidelines are a hallmark of the program.

First off, your time in the military will be considered when you apply for the loan. If you've served an adequate amount of time, usually between ninety and one hundred and eighty days of active duty, depending on the situation, you can qualify for the loan. Your form of discharge will also be considered. If you have the black mark of a dishonorable discharge, you'll probably be declined in your loan request. The stipulations are not overly strict, but they are definitely there, so remember that when you make your request.

The next important factor of any loan is your credit. With a traditional loan your credit score usually determines whether or not you can get the loan, and the rate of interest you'll be paying. Veteran's loans are a little bit different. Rather than looking at your overall score, they will look at the past twelve months of payments. If they were made in a timely fashion, chances are you'll get a better rate and qualify more easily for the loan. Veterans' loans are great ways to get the money you need if you've had financial difficulties in the past and are still suffering from the fallout.

Types of VA Loans in Ogden, Utah

  • VA Purchase Loan
  • VA IRRRL
  • VA Cash-Out Refinance
  • VA Energy Efficient Mortgage

Another benefit of veterans' loans is that you don't have to give money down. So if you're looking at a two hundred thousand dollar home and can't make the ten percent down payment, you won't have to. Also, you'll save money because you won't be paying a monthly insurance premium on the loan. Typical loans require this insurance because it enables the lending institution to get some of the money in the event of a default. As a veteran you are backed by the VA entitlement, which is simply a guarantee made by the Department of Veteran's Affairs on part of your loan. If you decide to get a Veteran's loan, make sure you ask about this guarantee.

Many veterans have benefited greatly from this type of loan. You may be next. Do a bit of research and compare the pros and cons of both loans, Veterans and traditional, you may just find that this will work better for your needs.

Posted by Nathan Rufty on June 8th, 2021 10:15 AM

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