A Mortgage Program for Military Members

Did you know if you are in the military, there are certain programs available when buying your home?

There is a mortgage program out there called the “VA mortgage program”.  It is a government backed, fixed interest rate program and they do not require any money for the down payment, at all. If it is tied in with CHFA, which is a first-time homebuyer program, it offers a lower than usual, fixed 30-year interest rate under 3% as of today.  The buyer must use a CHFA-Approved Lender though for the CHFA/VA mortgage.

So how do you know if you’re eligible?  Here are some of the main qualifiers.

• Must plan to live in the home

• Must be: “a person who has served in active military, naval, or air service, and who, except for a service member on active duty, was discharged or released from active duty under conditions other than dishonorable.”

• Need to have served for at least 90 days of active duty during wartime periods; or 181 days of continuous active duty during peacetime periods.

• If you are disabled from your service, you may be exempt from some of the closing costs.

Please note though, that first off, you must qualify under the criteria of the lender you’re using, as well.  They may have overlays, so don’t assume you’re good to go by just these particulars.

So, what do you think of this program?  Does it sound like something good for our service members?  I’d like to hear your thoughts.

Keith S. Turner
NMLS# 820813
Mortgage Loan Representative | The McCue Mortgage Company
Eight Union Street | Corner of Union & Methodist Street | New London, CT
(860)444-0650 | 800-781-1180 
keitht@mccuemortgage.com