One of the biggest benefits of having served in the military is a mortgage called a VA loan. VA loans are unique in that they offer 100 percent financing. For veterans who have used their VA eligibility, there are other options that are available that willfit your home and lifestyle.
Home buying is a large financial and emotional investment. Military families face unique challenges when reaching this important milestone. They often move frequently, may feel challenged by down payment requirements or are relocated to areas with high cost of living requirements. However, military families and veterans have many financing options.
There are lenders who can help walk military families through the homebuying process step-by-step,” said Katie Miller, Navy Federal’s vice president, mortgage lending. “It’s all about finding the right product for your unique situation.
VA loan stands out
Likely, the best option will be the VA-guaranteed fixed interest rate loans because they have the lowest interest rates around. Down payments aren’t required and neither is private mortgage insurance. But if they’ve previously borrowed using a VA loan, another VA loan may not be possible. Your loan officer or your financial institution can help you make that determination. If a servicemember has tied up their VA eligibility in another home, or if they are a military family member, there are still great options out there with benefits that resemble a VA loan.
What to look for
When looking at conventional (non-government) loan products, it’s important to pay attention to interest rates, mortgage insurance, down payment and eligibility requirements. Some loans are only for active duty personnel and veterans, while some products can benefit family members as well.
Picking the best loan for your family
Regardless of your current situation, always do your due diligence in picking the right mortgage product to fit your unique needs. Whether you are currently serving, or have served, from all of us at Navy Federal, we salute you!
About the Author: Katie Miller is Senior Vice President of Savings Products at Navy Federal Credit Union. She oversees all functions related to deposit products and services, including program and product strategy, as well as all operational management in support of certificates, IRAs, trusts, savings, checking and related services including direct deposit, eDeposit, and overdraft protection. During her 15 years with Navy Federal, Katie also managed membership, mortgage lending, the credit card portfolio, product development, in addition to analytics and operational risk and training for collections, consumer and credit card lending. She is a National Association of Federal Credit Unions Certified Compliance Officer and has a BA in Math from Dartmouth College.