Helpful Home Tips &
Mortgage Advice from Experts

One of the benefits available to veterans and military families is a VA loan. A VA loan is designed specifically for those who have served our country, as well as their spouses in some cases.

If you’re a veteran or currently serving in any branch of the military, a VA loan is one of the best options you have for owning a home.

Benefits of a VA Loan

VA loans are designed specifically for veterans, members of the military, and eligible spouses. If you have the chance to take advantage of these loans, you should. They offer a number of benefits that are unique to VA loans, including:

• Competitive interest rates. Not only are VA loan rates competitive, but they’re typically lower than the rates you’d get with a conventional or FHA loan. Even a small percentage can make a big difference in your monthly payment.
• No down payment. A VA loan is one of the only loans on the market that offer a true zero down payment. This allows you to get into a home without having to come up with a large amount of money down.
• No private mortgage insurance. One of the biggest benefits of a VA loan is not having to pay private mortgage insurance (PMI). Most other loans require PMI if you put less than 20% down. This can be hundreds of dollars a month. A VA loan waives this.

VA Loan Eligibility

VA loans have fairly strict eligibility and status requirements, with specific qualifying active duty dates and service requirements.

• Must be a veteran or current active duty military member with at least 90 days of service
• National Guard and Reserve members must have at least six years of servicein addition to other specific requirements.

If you don’t meet the above conditions, you may still be eligible if you were discharged due to:

• Hardship
• Convenience of government
• Reduction in force
• Certain medical conditions
• Service-related disabilities

Make sure you visit the VA website for a complete list of detailed qualifying dates of service and requirements.

VA Loans and Spouses

If you’re a spouse of a Veteran, you may also be eligible for VA loans if one of the following conditions are met:

• Your spouse was a Veteran who died while in service or who died from a service-related disability and you have not remarried
• Your spouse is a prisoner of war or missing in action
• You are a surviving spouse and remarry on or after the age of 57
• Surviving spouses of totally disabled Veterans, even if the disability was not the cause of death.

If you are a Veteran or are currently serving your country in the military, a VA loan makes owning a home affordable and attainable. For more information about VA loans or to apply today, contact a personal mortgage advisor at NLC Loans toll-free today: 1-877-480-8050