Government-backed loans through the Office of Veterans Affairs are commonly known as VA loans and are only available to veterans, active service members, and certain members of their families. VA loans offer zero or low down payments and great interest rates.
However, under VA loans for homes, there are occupancy requirements that must be met. That being said, there are also some exemptions. The following information details these requirements and exemptions for those considering undertaking this type of mortgage.
For informational purposes only. Always consult with a licensed mortgage or home loan professional before proceeding with any real estate transaction.
The Time Constraints and Purpose of VA Loan Occupancy Stipulations
The purpose
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Those who are active or retired members of the US military looking to buy or refinance a home often consider going through the Department of Veterans Affairs. VA loans are excellent options with low down payments and interest rates, but there are certain funding fees that accompany them. The following information explains the purpose of the VA funding fee, exemptions, and how to pay.
The Basic Allowance for Housing (BAH) is an incredible financial benefit that can be leveraged by eligible military members and their families to find a home.
Veterans and reservists are among those who may be able to take advantage of a VA Energy Efficient Mortgage or VA EEM program. This option is best for those looking to make energy-efficient upgrades on their home that may help reduce their heating and cooling costs, as well as decrease the pollution and moisture that may enter a traditional home. Military personnel and their spouses may want to know more about the VA Energy Efficient Mortgage option before selecting a mortgage loan product.
One of the advantages of a military career may come in the form of military housing. Both individuals and those with families join the military every year and have to decide whether to live on or off base.
Mortgage term rates are not clear-cut, and there are many factors considered when a mortgage product lender offers specified terms and rates. Military personnel may find themselves with more options, as lower mortgage term rates could be tied to unique mortgages such as VA loans. That being said, not everyone may qualify for the lowest rates.
Reservists, veterans, and active duty military may be able to take advantage of a VA loan. A VA loan makes it financially easier for military personnel to own a home. Those who are looking to take out a VA loan should be aware that it will be necessary to cover closing costs separately. However, VA loan applicants have options, as it may not always be necessary for them to pay out-of-pocket for all the closing costs required.
Many businesses in Colorado Springs and beyond offer discounts as a small thanks for the service the military provides the country. These discounts cut down one's bill by as much as 30%, depending on the company's rules. But who qualifies for military discounts, and how are they acquired? Everyone can learn the answer to these questions with this helpful guide.
Many Colorado Springs auto care centers offer military discounts to show their respect and appreciation for active and retired members of the military. The discounts may decrease the price of labor or even knock a percentage off the total bill. Finding these discounts can prove challenging, however. Thankfully, the following local auto shops offer discounts for military service members.
National, regional, and local companies honor U.S. military personnel, their families, and veterans in many ways. Insurance companies often provide military discounts for car insurance and other policies. When looking for car insurance with military discounts in Colorado Springs, consider the following companies.
