A VA Loan is a mortgage that is issued by a private lender and is backed by the United States Department of Veterans Affairs. VA Loans are designed to help veterans, surviving spouses and service members buy a home in Wyoming.
Do you qualify for a VA Loan?
VA sets the qualifying standards and the terms of the mortgages offered. The benefit of a VA loan is that no down payment is mandated unless required by the lender.
To qualify, you have to have either served 90 consecutive days during wartime, served 181 days of active service during peacetime, or have 6 years of service in the National Guard or Reserves.
You also qualify if you’re the spouse of a deceased service member who died in the line of duty or a service-related disability.
Closing costs can be paid by the seller or are limited while there is no private mortgage insurance premium requirement. To avoid the potential of default, assistance is available from the VA while several states also offer additional benefits such as property tax reductions.
If you need help qualifying for a VA loan in Wyoming or have questions about whether or not you qualify, give the team at Peak Financial a call.