Military Mortgage Loans

Written by Patricia Skinner
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Buying a house can be the best time of your life, but it can also be very stressful. Getting prequalified for a mortgage or home loan can be so confusing. What's the best type of loan to apply for? Which deal is going to give you the best terms? If you have any military service to your credit, you may be eligible for military mortgage loans, and these can be the best type of home loans of all.

Although there are limitations on the size of your military mortgage loans in some areas, they are still quite generous. The fact that it's so easy to qualify for military mortgage loans is what makes them so desirable. That and the fact that downpayments are always very low--around 2-3 percent usually, and in some cases zero.

Some Little Known Benefits Of Military Mortgage Loans

Some military mortgage loans are reusable. What does that mean? Basically, it means that you can get a new house purchase loan every time you move house, providing certain conditions are met. There's always the added bonus that if you're a first time buyer, you get priority for loans, and the lending rates are even lower for you in some states too.

But that's not all you'll get when you take out military mortgage loans. In many states, you will be offered home loan protection plans. Some even offer protection for your home investment against natural disasters. California is one such state. So if you live in an area where natural disasters are more likely, find out what military loans can offer you in the way of investment protection.

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