Finance and Marketing

If there was a contest between a veteran mortgage and a conventional mortgage, the mortgage available to veterans would win hands down. A veteran can get a veteran mortgage for up to $417,000 with no down payment. Try that with a conventional mortgage. You could be required to pay up to a 20% down payment. There are a few conventional mortgages that require no down payment but very few individuals have the credit score required to qualify. To be considered for a veteran mortgage, a veteran has to be on active duty, or honorably discharged from service from Army, Navy, Air Force, Marine Corps, Coast Guard, the National Guard or the Reserves.

Having a veteran mortgage also makes the mortgage holder eligible for one of the VA mortgage refinance programs. Interest rates on VA mortgage refinance programs are very low and the VA refi programs are very easy to qualify for. Even if a veteran has a conventional mortgage, he or she still has VA refi options. Some veterans are stuck with high interest sub prime mortgages. This can easily be rectified with a VA refi. It’s hard to see why any veteran would chose a conventional mortgage over a veteran mortgage, but sometimes people do.

The US government backs veteran mortgages and VA mortgage refinance programs as a way of thanking veterans for their service to our country. It is a benefit that all qualifying veterans should take advantage of, they earned it.

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