If you are the wife of a deceased U.S. armed force official, you can avail home loan option through VA mortgage schemes. The VA home loan scheme is the perfect option for member of United States armed force officials. However, if you or anyone from your family is a member of U.S. Armed force, then only you can avail the VA home loan option. Wife of a deceased U.S. armed force official stands a strong chance of getting instant approval when applied for the VA loan.
The Benefits The VA home loan comes with a number of benefits. There is no mandatory down payment procedures involved with such a loan scheme. Also, the loan comes with a very low mortgage rate, much lower than conventional rates. There are also no penalty charges on prepayment of the entire loan amount repaying process. Refinance Schemes VA loan is not only available for the buyers. There is also VA loan refinance schemes available for those who want to refinance their present property with another VA mortgage loan option. In these cases too, the loan schemes don’t require any kind of appraisal or income documentation. The eligibility criteria for surviving spouse To become eligible for the loan, the deceased military individual must have:
Cash-Out Loan Scheme There is also a cash-out loan scheme available from VA department. This option is beneficial to those who would be trying to refinance a non-VA loan into VA loan. It would be great for those who want to raise cash for some other reasons, through tapping on their home equity. In fact, VA Cash Out Loan scheme is also beneficial for those homeowners who are dealing with FHA PMI removal.
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