How Do Veteran Loans Help Military Vets?
As a military veteran, you are entitled to veteran loans – such as title loans – that can help when they need financial help with their homes. VA loans can help you get the money you need when you want to do things like buy a house or update your home with energy-efficient technology to lower your monthly energy usage. Regardless of the situation, veteran loans are helping military veterans live the life they want after serving our country. Keep reading to learn more about how veteran loans can help military veterans.
Learn How Veteran Loans Help Our Military Veterans
Simply put, veteran loans help military veterans by providing them with loans that will help them purchase a home, refinance their mortgage, invest in energy-efficient home building options, and handle other emergencies. VA loans are different from traditional bank loans because they help military veterans purchase homes with a down payment as low as $0.
Additionally, it’s an option even if the military veteran has a low credit score. Even with title loans, they can still qualify with poor credit when they come to us at Southwest Title Loans. In other words, veteran loans help military veterans, as well as active military personnel, purchase homes, even if they cannot afford a down payment or get a traditional loan due to their current credit score.
Veteran Loans For Veterans
There are actually four types of veteran loans that vets can get when they need financial help. All four of these loans pertain to things like purchasing a home, mortgage, and even getting any necessary home renovations completed. These loan types date back to the mid-1900s, but they are just as important as ever. Here’s a look at the four types of VA loans that any military vet in need should make sure they know about:
VA Purchase Loan
The VA Purchase Loan is the most common veteran loan for military veterans. It was created in 1944 to help returning service members buy homes, even if they did not have a down payment or excellent credit at that time. Since its creation, this program has secured 25 million VA loans for military members and veterans.
VA Purchase Loans are as important as ever when they are either buying their first home or needing to get renovations completed. This loan type is a specialized loan product, but the process for getting a VA loan is similar to any other loan type. However, it helps keep your down payment low, even if you have an inferior credit score.
VA Interest Rate Reduction Refinance Loan
Another veteran loan type is the VA Interest Rate Reduction Refinance Loan – or VA IRRRL. It’s one of the two VA loan refinance options that can lower a monthly mortgage payment by replacing the current loan with a new one under different terms. This loan is only available for veterans that already have a VA Purchase Loan that need to make their payments more stable.
VA Cash-Out Refinance Loan
The other refinance loan offered for veterans is the VA Cash-Out Refinance Loan. This loan allows veterans to replace their current loan with a new one. This also means you can take a non-VA loan and refinance it into a VA-backed cash-out refinance loan. This loan is also open to all veterans, even those without current VA Purchase Loans.
VA Energy Efficient Mortgage
The next kind of loan a military veteran can get is a VA Energy Efficient Mortgage. You can save a lot of money by switching to an energy-efficient system, but it is expensive if you are paying it on your own. With the VA Energy Efficient Mortgage loan program, it can help to renovate your home to make it more energy-efficient. The way it works is by financing the costs of these renovations.
Other Loan Options For Veterans
Because veteran loans are specifically for purchasing homes and refinancing mortgages, these loans don’t help in all emergency situations. For example, traditional VA loans are not going to help you out if you have medical bills, late utility bills, or emergency car repair bills. If you need money for an emergency or some other situation not covered by VA loans, you can consider getting title loans from us at Southwest Title Loans. If you have a lien-free title and a vehicle available, understanding this loan is simple.
Title loans are an option for veterans because they are fast, efficient, and do not require a perfect credit score to see if they qualify for approval. Instead, you only need your driver’s license, lien-free title to your vehicle, and your vehicle for inspection to get through the process. Plus, you can keep your vehicle if you are approved – even while you are making your loan repayments. If approved, you can get up to $15,000, depending on the value of your vehicle. You can learn more about this loan on our website.
Get Your VA Loans Right Away For Quick Help!
Veteran loans have been helping military veterans buy houses and refinance their mortgages for decades. If you are looking to buy a home soon and are a military veteran, do not hesitate to learn more about these VA loans. In the case that you are looking for a loan for another purpose, you can consider getting a fast online title loan from us. Get started now by filling out the Southwest Title Loan inquiry form so we can help you out today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
