How Do Veteran Loans Help Military Vets?
As a military vet, you are entitled to veteran loans. Veteran loans can help you get the money you need when you want to buy a house or update it with energy-efficient technology. Regardless of the situation, veteran loans are helping military vets live the life they want after serving our country.
To learn more about how veteran loans can help military vets, scroll down.
How Veteran Loans Help Military Vets
Simply put, veteran loans help military vets by providing them with loans that will help them purchase a home, refinance their mortgage, and invest in energy-efficient home building options.
VA loans are different from traditional bank loans because they help military vets purchase homes with a down payment as low as $0. Additionally, it’s an option even if the military vet has a low credit score. In other words, veteran loans help military vets, 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 Vets
Technically, there are four types of veteran loans for vets. All four of these loans pertain to home purchasing, mortgage, and home renovations. These loan types date back to the mid-1900s, but they are just as important as ever. Here’s a look at 4 veteran loans for military vets:
VA Purchase Loan
The VA Purchase Loan is the most common veteran loan for military vets. It was created in 1944 to help returning service members buy homes, even if they did not have a down payment or excellent credit. Since its creation, this program has secured 25 million VA loans for military members and veterans.
VA Purchase Loans are as important as ever. 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 IRRRL
Another veteran loan type is the VA Interest Rate Reduction Refinance Loan. It’s one of the two VA loan refinance options. This loan type is only available for vets that already have a VA Purchase Loan.
VA Cash-Out Refinance Loan
The other refinance loan offered for veterans is the VA Cash-Out Refinance Loan. This loan is open to all veterans, even those without current VA Purchase Loans.
VA Energy Efficient Mortgage
You can save a lot of money by switching to an energy-efficient system, but it is expensive at first. With the VA Energy Efficient Mortgage, you can help to renovate your home to make it more energy-efficient.
Other Loan Options For Veterans
Because veteran loans are specifically for purchasing homes and refinancing mortgages, these loan types don’t help in all situations. For example, traditional VA loans are not going to help you out in an emergency or if you just need some cash to hold you over until your next payday.
If you need money for an emergency or some other situation not covered by VA loans, you can consider a fast title loan Instead. Title loans are an option for veterans because they are fast, efficient, and do not require a fantastic credit score to qualify. Instead, you only need your driver’s license, lien-free title to your vehicle, and your vehicle for inspection.
How title loans work is that you begin by applying for the loan. If approved, you can get up to $15,000, depending on the value of your vehicle. A lien will be put against your title until you pay back the loan, but you will be able to drive and keep your vehicle as usual during the entire process.
At Southwest Title Loans, you can depend on the application process to be fast and efficient. Our in-person process can take as little as 30 minutes to complete, and you can get started right now by filling out our online inquiry form.
To make the process even more convenient, you can apply for a fast title loan online. In other words, you don’t have to leave your home. Even for the vehicle inspection, we can come to you so that the process is easy and hassle-free.
Apply For A Fast Title Loan Online Today!
Veteran loans have been helping military vets 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 VA loan options.
In the case that you are looking for a loan for another purpose, you can consider applying for a fast online title loan. Get started now by filling out the Southwest Title Loan inquiry form. We will call you back shortly after you submit this form to walk you through the rest of the application process.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
