July 8th, 2021 7:57 AM by Nathan Rufty
Provo, Utah Veterans and Active Duty service members can utilize the benefits afforded to them by the VA Home Loan Program to buy or refinance a personal home. A VA Mortgage provides them the opportunity for a no down payment home purchase, along with less stringent qualification requirements.
In addition to 100% financing of a home purchase, VA Home Loans do not have private mortgage insurance (PMI). Most VA loans are 30 year fixed rate loans at interest rates comparable to conventional 20% down loan programs. The Veteran home buyer’s closing costs can be paid by the seller, and VA Loans have lower minimum credit score requirements.
To utilize Provo, Utah VA home loan benefits, you must be an active duty service member, veteran, or the spouse of a military member who has passed away in the line of duty or due to a service-related injury. While this is the general qualifier, there are other VA home loan requirements in Provo, Utah (and other states you may be considering buying in) based on both the Department of Veteran Affairs’ guidelines and the borrowing qualifications of your mortgage provider.
As far as the VA is concerned, the parameters for VA loan eligibility revolve around the duration of service, duty status, and character of service. Individuals who have been discharged typically do not qualify. However, there are certain circumstances that may qualify for an exception, such as being discharged due to hardship or a medical condition.
When it comes to borrower requirements, these guidelines typically pertain to your financial circumstances. At Griffin Funding, we have the following requirements for those who want to apply for a VA home loan in Provo, Utah:
To get qualified for VA home loans in Provo, Utah please contact Nathan Rufty at 909-503-5600.