VA Loan Programs in Houston - The Many Advantages You Must Know

The Veterans Administration loan program has been a huge success ever since it was conceptualized to benefit the veterans, active duty personnel and their family members. This government backed home mortgage program is the first choice among the uniformed people and their families when it comes to purchasing or refinancing a home. Lending services companies such as Clear Lending helps clients in every stage of availing these loans. VA loan programs in Houston offer many advantages and here in this short write-up we shall take a look at some of these advantages.

• No Down Payment – After all you have served in the line of fire and the nation owes you a lot. And one of the most attractive features of this loan program is the fact that it doesn’t involve any down payment. This is however applicable when the purchase price doesn’t exceed the appraised value. You will be able to finance 100 percent of the home's value without having to touch your savings or use capital from any other source. However making a sizable down payment can help you save substantial amount of money at closing.
• Low Interest Rates – For lenders interest rates are always based on the risk factor associated with the loan and lower the risk factor, lower is the interest rate. Since this loan program is guaranteed by the Veteran Administration the lenders offers highly attractive interest rates on this type of loan which is far lower compared to other conventional types of loan program.
• Lower Credit Score – The kind of credit score that would draw you a blank in any other home mortgage program is enough to help you get a VA loan. The minimum Credit Score required for this loan program is 560 which is much lower than the credit score required to get other kinds of home mortgages and your military score puts you into this advantageous position.
• No Private Mortgage Insurance – In conventional loan programs most lenders would make it mandatory for you to pay private monthly mortgage insurance if you don’t put in minimum 20% down payment. This is merely to secure their interests and increase your monthly payments but a decent amount. Since this loan is secured by the Veteran Administration there is no need to pay private mortgage insurance.
• Refinancing – Loan refinancing is one of the most commonly used strategies to lower monthly payments for home mortgage. VA loan program tops among the best refinance home loans in Houston. It also helps individual in building equity faster and financing some other important things such as university education for the children.

As an active or veteran soldier you would automatically qualify for this program but you must scout for the best interest rates in Houston and this can be quite a tough job with so many lenders around. The easy way to go about this would be to seek help from mortgage experts. Clear Lending deals with different types of home mortgage programs. It has helped thousands of clients avail different kinds of loans including home loans for bad credit in Houston.

About Author: Victor Alvarez has been helping clients avail benefits from VA loan programs in Houston. He also helps them choose the best refinance home loans in Houston.

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