At Gershman Mortgage, we appreciate and value the sacrifices that are made by the members of our armed forces every day. Their dedication and commitment to the protection of our country is a truly brave and honorable sacrifice. That is why we are proud to offer VA loans to veterans and members of the United States military to help them get the most out of buying a home. Learn more about getting a VA loan from Gershman Mortgage below.
What is a VA Loan?
A VA loan is a type of mortgage specifically for veterans and active duty members of the United States military. The VA loan program was established in 1944, and was designed to provide eligible members of the US military with a long-term financing solution where private financing options were not available. These types of loans are often much easier for members of the military to obtain than other home loans, as they don’t require a down payment. VA loans are guaranteed by the Department of Veterans’ Affairs and don’t require costly mortgage insurance.
Benefits of VA Loans
VA loans have a number of benefits for military members and their families. As mentioned above, a VA mortgage does not require a down payment. Unlike FHA loans and other types of loans, VA loans do not require mortgage insurance, and are often easier to qualify for. Qualified borrowers will receive competitive interest rates for their mortgage as well.
Who Qualifies for a VA loan
Most members of the military, veterans, reservists, and National Guard members are eligible to apply for a VA loan through Gershman Mortgage. The qualifications for these types of loans are not limited to those who have served. Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply. Qualifications for these types of loans vary depending on the status of military service. Active-duty members can typically apply for a VA loan after 6 months of service. Often, members of the reserves and the National Guard must wait 6 years before applying for a loan. However, if called into active duty, the wait reduces to 181 days. In times of war, the wait period for both active duty and reservists reduces to 90 days.
Contact Gershman Mortgage Today
Since 1955, Gershman Mortgage has been a leading mortgage lender for both civilian and military families in the Midwest. Our fantastic team of knowledgeable and experienced loan officers will walk you through every step of the mortgage process. For more information on our VA loan qualifications and to begin the application process, contact Gershman Mortgage today. We look forward to speaking with you!