Guaranteed Rate Helps Veterans and Military Families Move into their Dream HomesJan 21 2016
Guaranteed Rate, the eighth largest retail mortgage lender in the nation and an industry technology leader, raises awareness about the U.S. Government’s VA loans. These home loans may provide the military community and their families the opportunity to become homeowners for $0 down or obtain a home loan up to $1 million dollars.
Guaranteed Rate originated $356 million in VA Loans in 2015, helping military families across the country move into their dream homes.
“This year, we are renewing our efforts to help even more military families take advantage of this life-changing benefit,” said Victor Ciardelli, president and CEO of Guaranteed Rate. “VA loans can eliminate daunting down payments and make million-dollar homes affordable.”
Benefits of VA Loans
- No down payment for conforming home loans (generally loans below $417,000)
- Reduced down payment costs for jumbo loans (generally loans above $417,000)
- Interest rates are typically lower than traditional loans
- Requires no mortgage insurance
In general, to be eligible you must have a credit score of at least 620 and fulfil at least one of the following requirements*:
- Served 90 total days during wartime
- Served 181 continuous days during peacetime
- Served more than six years in the National Guard or Reserves
- Are the spouse of a veteran who died in the line of duty or due to a service-related disability
*Additional restrictions may apply.
Sand H. of Riverside County, CA, a father of three, served in the artillery division of the Marine Corps. After losing his house during the recession, he worked hard to improve his credit score. Guaranteed Rate recently helped him obtain a VA loan and move into a house for the holidays.
“The down payment required with a traditional loan would have been $30,000, and we could not have been able to afford that.” said Sand. “The VA loan made owning our house a reality, and restored pride in our family.”