VA Home Loans in Mobile Alabama

The VA home loan program is a program that was first established to further honor those who served in World War II. Since then, the program has provided low interest, zero-down home loans to nearly 20 million qualified veterans and service members across our great nation.
When many people think of the United States Armed Forces, they often think of the main four branches and tend to leave out one important branch, the United States Coast Guard. Mobile is home to the Coast Guard Aviation Training Center, which houses rescue aircraft such as the HC-25, HC-144A, HH-65, HH-60 and the HC 130 Hercules. Another little known fact about the US Coast Guard is that they too are eligible for the VA home loan program.

Even though the VA loan is the premier lending option for military members, it still boasts some of the most lenient eligibility requirements of any lending program. Eligibility is first determined by service, and a service member must meet only one of the following service requirements:
  • ·         Served on active duty for a minimum of 90 days consecutively during wartime or 181 days consecutively during peacetime
  • ·         Be a Reservist or National Guard member with at least six years of service
  • ·         Be the not remarried, surviving spouse of a service member who died due to a service related injury

If a service member falls into one of the preceding categories, then they should take the next step by contacting a VA approved lender and acquiring their Certificate of Eligibility (COE).
VA approved lenders expect a minimum credit score of at least 620 and allow a high debt-to-income ratio of nearly 41 percent.
With a program this easily attainable, you’d think there wouldn’t be amazing benefits; however, that is not the case. The VA home loan program provides some of the best benefits in the industry, including:
  • ·         Zero money down option for qualified members
  • ·         No private mortgage insurance (PMI)
  • ·         Competitive interest rates
  • ·         Default and foreclosure assistance for active duty members

While a VA loan isn’t for everyone, service members do have the opportunity to take advantage of one of the best lending options on the market, boasting the lowest foreclosure rate of any government backed lending program. --- Guest author Kevin Pearia is a mortgage commentator for Veterans UnitedHome Loans, the nation’s leading dedicated provider of VA Home Loans.