Known for its natural beauty, recreational activities, close proximity to the coastline, and the home of the University of Oregon, Eugene offers a distinct way of life that everyone can take pride in. Service members and veterans looking to reside in the Eugene area have a great opportunity to find the home of their dreams and pay little out of pocked through the benefits they have in the VA home loan program.
Why Choose a VA Home Loan?
VA loans are partially backed by the Department of Veterans Affairs, which allows borrowers to obtain money saving benefits that they would not normally be able to obtain with a conventional loan. Benefits military members can expect to enjoy through the VA home loan program include:
- No down payment option
- Competitive interest rates
- Flexible loan terms
- High loan limits
For military members interested in financing their Oregon home, both the lack of a required down payment and the high loan limits allowed are highly beneficial. Conventional loan options require up to 20% down and coming up with that payment may be financially impossible for some families, while service members can buy a home up to $417,000 in Oregon without having to put a nickel down.
The extra money saved through the VA home loan program is a great resource for our service members who have seen many transfers and deployments, which has the tendency to negatively affect credit scores and personal savings.
Who is Eligible for a VA Loan?
VA home loans also have some of the most lenient eligibility requirements of any lending program on the market. To become initially eligible for a VA home loan, military members must submit their Certificate of Eligibility and have filled one of the following service requirements:
- Have served at least 3 months on active duty during war time
- Have served 181 days on active duty during a time without conflict
- Have served 6 years in the military Reserves or National Guard
Although the VA home loan program does have lenient eligibility requirements, many VA-approved lenders will desire a credit score of at lease 620 for loan approval. Military members with credit scores below 620 or with imperfect credit histories are still encouraged to apply since these loans have been made in the past.
Choosing the right lender to apply with is critical. A lender that is knowledgeable and has a good reputation is preferred and can ease the loan procurement process. For more information on the VA home loan program, contact a VA approved lender today!
Matt Polsky is a blogger associated with VA Benefit Blog, a blog focused on providing veterans and service members with current news and information on the benefits they have through serving our country. For more information, Matt can be reached at matt@vabenefitblog.com.
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