Best Mortgages for our Military
Despite current challenges, now is still a great time for military personnel to purchase a home.
The world is still reeling from the outfall of COVID-19. Yet, we remain resilient as we stand on the brink of recovering from the pandemic. Still, the coronavirus has resulted in a significant financial shock for many people around the world—including active-duty military personnel, veterans and their families.
Fortunately, military personnel and veterans have continued to receive their pay and benefits. However, military families may still face financial strain due to employment losses or changes in military orders. If you find yourself confronting a similar circumstance, and you want to secure a mortgage, the Mortgages for Champions program can help.
To learn more about the best mortgages for military personnel in 2021, keep reading.
Special Protections for Military Personnel
If you’re in the military and facing a tough time financially, realize that you have options. The Servicemembers Civil Relief Act (SCRA) provides quite a few benefits for active-duty service members—including military mortgage protection.
The SCRA also provides credit interest rate relief. For example, the act requires creditors to reduce interest on your debts to 6% for liability that you incurred before enrolling in the military.
The act also provides postponement for foreclosures. Lenders cannot foreclose or seize your property for nine months after you started active-duty without a court order.
The SCRA offers many protections from foreclosures for military personnel, especially in states that do not require a court order to proceed with seizing a property. If you’re activated and missed a mortgage payment, you should contact your legal assistance office right away.
If you’re looking to secure a military mortgage, however, there’s another special military program you should learn about—the Mortgages for Champions Program.
Borrowing in the Current Environment
Fortunately, there’s always assistance available for servicemembers and military families. A loss of income can feel overwhelming.
Nevertheless, you have several decisions to make. Most importantly, you’re still in control of your money.
There are steps that you can take to protect yourself and your family during difficult times. However, members of the military and veterans also have access to programs that offer financial relief.
Borrowing Relief for Military Personnel and Veterans
RealFi Home Funding offers special military mortgages. Our Mortgages for Champions program does not require a DD214. Nor does it require a VA Certificate of Eligibility.
You can take advantage of the Mortgages for Champion program to purchase your first, or even your second, home. Alternatively, we could help you secure a 203K loan to streamline your mortgage and build out your home for a growing family.
With Mortgages for Champions, you can use military mortgages to finance a range of properties, including a single home, multifamily home or condominium. You may even desire to invest in a mixed-use commercial property to secure your family’s future.
Our Mortgages for Champions loan programs require little or no down payment. Furthermore, we offer competitive low-interest rates. Also, Mortgages for Champions offers more flexible credit terms compared to other available loan products.
We also offer mortgage refinancing programs. In some cases, you could refinance up to 97.75% of the appraised value of your home.
Thank You for Your Service: The Mortgages for Champions Program
RealFi Home Funding has created the Mortgages for Champion program to say thank you for your hard work and your selfless service. The program is also available for EMTs, firefighters, medical personnel, educators and other community champions.
The Mortgages for Champions program is our way of acknowledging that we appreciate what you do for our nation and our communities. We’re proud to offer you a special, discounted mortgage to express our gratefulness for your selfless dedication.
For instance, closing costs can add up to as much as $1,700 or more. When you take part in the Mortgages for Champions program, we waive all lender’s fees and closing costs.
With Mortgages for Champions, there’s no application or processing fee. There’s also no underwriting or commitment fee.
However, there are even more benefits with our Mortgages for Champions program. We’re committed to providing our champions with custom, personalized lending products and competitive rates.
Furthermore, we make sure that the process goes quickly. In these ways, we show our strong commitment to serving our champions.
The Best Mortgages for Military Personnel
There are several types of military home loans under the Mortgage for Champions program. Many of our loan products offer little to no down payment options. These products include USDA and VA military home loans.
The following is an overview of our available mortgage products.
VA Loans
VA loans are sponsored by the Veterans Administration. They’re exclusively for active-duty military personnel, veterans and surviving dependents or spouses. Eligible veterans can purchase a home with no money down and no cash reserve through the program.
The Veterans Administration establishes eligibility requirements and the maximum loan amount. All fees are rolled into the loan.
There are no income restrictions for a VA loan. Also, you may qualify to refinance at a lower rate when rates change.
USDA Loan
USDA loans are supported by the United States Department of Agriculture. This mortgage is also called the USDA Rural Development Guaranteed Housing Loan Program. It’s a zero down payment mortgage for eligible rural and suburban homebuyers.
The USDA program is one of the least well-known offerings among all loan products. Nevertheless, you may prefer this kind of loan if the idea of green pastures interests you more than the bright lights of the city.
FHA Loans
The Federal Housing Administration ensures FHA loans. The agency doesn’t underwrite loans. However, they do insure loans for lenders.
This kind of loan has lower credit requirements. Accordingly, you might apply for an FHA loan if you’re having difficulty with your credit.
You can use an FHA loan to purchase a home or refinance a mortgage. With an FHA loan, you might secure a home loan with as little as 3.5% down.
Conventional Financing
You might also consider a conventional loan. A conventional loan doesn’t include added fees such as those that come with VHA and FHA loans. However, a conventional loan typically requires a 5% down payment.
If possible, you may want to consider providing a 20% down payment. In this way, you can avoid the cost of mortgage insurance.
A conventional loan also has another benefit. Although this kind of loan has higher qualifications, it allows you to access better interest rates with a higher credit score.
Homebuyer Assistance Programs
We created our homebuyer assistance programs especially for first-time homebuyers. If you’re buying your first home, you might want to consider the HomeReady and HomePossible homebuying programs.
These programs will give you the ability to purchase a home with only 3% down. Yet, you’ll still have the ability to close with more flexible mortgage insurance options.
The HomeReady and HomePossible programs include first-time homebuyer courses. The courses will educate you on the full homebuying process. They’ll also help you to qualify for the programs.
ARM Loans
An ARM loan is an adjustable-rate mortgage. This kind of loan product has a fixed initial interest rate. However, the rate will change after a specified time, depending on current market conditions.
High Balance Loans
RealFi Home Funding also offers a loan product if you’re looking for mortgage loans for military personnel that goes beyond traditional conventional loan limits. If you’d like to purchase a property for a loan amount of more than $425,000, we can help.
Reverse Mortgage Loans
If you’re nearing retirement age, you may want to consider a reverse mortgage loan. A reverse mortgage loan is a powerful tool that enables individuals to age in place.
The amount that you can borrow with a reverse mortgage depends on several variables. Primarily, it will differ based on the value of your home, your age and current interest rates.
With so many options, you’re sure to find the perfect mortgage for your needs.
It’s Our Pleasure To Serve Your Needs!
Now you know more about the best mortgages for military personnel in 2021. If you’re seeking mortgages for military personnel, we’re ready to help.
RealFi Home Funding has made it our mission to provide the best mortgage products for more than 20 years. We’re the large mortgage lender that doesn’t act like one.
We’re one of the top correspondent mortgage bankers in the US. Also, we’re a licensed direct lender in 13 states, including CT, DC, DE, FL, GA, MD, NC, NJ, NY, PA, SC, TX and VA.
At RealFi Home Funding, refund all kinds of transactions. We’ll gladly help you to find the best home loan offers for military personnel. Whether you want to purchase a basic residential property or an investment property, we’re here to meet your needs.
Over the years, our clients have benefited greatly from our personalized lending process. More importantly, we’ll provide you with a competitive rate, exceptional customer service and a fast mortgage process.
Contact RealFi Home Funding today at +1 (800) 601-1917 or connect with us online to apply for one of our competitive mortgage financing options.
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