There are a number of benefits that come with being a member of the armed forces. One of these is the ability to obtain a loan from the US Department of Veterans Affairs, more often known as a “VA loan.” It is a mortgage loan that comes with many advantages, including no down payment and low interest rates. Unfortunately, circumstances can change, and some veterans find themselves unable to continue making payments on their loans.
Acquiring and Paying a VA Loan
There are many benefits to a VA loan. Current or former members of the armed forces are able to purchase a home with no down payment. Therefore, the VA loan will cover 100% of the total cost of a home. Veterans will not necessarily need to pay for private mortgage insurance. This can save thousands of dollars in the long run. Instead of making payments that are not paid to the principal or the interest of the mortgage, the money is used to lower the overall debt.
There are several restrictions on VA loans, the largest being the location of the home. Due to costly home values, metropolitan area homes are rarely eligible. It is more likely to successfully apply for a VA loan in small cities or rural areas.
If you are a veteran or veteran’s spouse who is struggling with financial problems, it is important to consult an attorney about your options for reducing or eliminating your debt. Contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC today at 414-377-0518 for answers to your questions about bankruptcy.