Choctaw Indian veterans in the state of Mississippi will soon be able to take advantage of the benefits of the VA home loan program.Who is eligible and who should you contact to take advantage of these benefits?
The United States Department of Veterans Affairs is the institutional wing of the federal government that provides healthcare services as well as non-healthcare benefits to the country’s eligible veterans and their family members.
One of these non-healthcare benefits is the VA’s mortgage program which helps thousands of our modern day heroes get easy access to homeownership. With continued efforts, the department seeks to extend the reach of the program to all military service members, national guards, and reservists both on active duty or retired as well as their eligible spouses.
VA loans for Choctaw Veterans
Tribal veterans in the state of Mississippi will soon start receiving their own VA loan benefits as The Mississippi Band of Choctaw Indians signed a memo of understanding with the VA Loan Guaranty Service.
The memo aims to make the VA loan application process easier for the country’s eligible Native American borrowers. Individuals who are eligible for the program can use the loan for the construction, purchase, repairs, and improvements of a home.
“Many people have been working diligently for years to make this happen,” says Chief Phyliss Anderson of the Choctaw tribe. “This agreement between the tribe and the VA will greatly benefit many native veterans, especially our Choctaw veterans.”
The benefits of a VA loan
Homeownership has never been more difficult for Americans today. With rising interest rates, people are hoping to get a mortgage while rates remain historically low. Unfortunately, the number of available housing units are too few to satisfy the demand. This drives competition for the available units considered affordable by the majority. To offset this convergence of market factors, home prices are raised. Now, it’s not only difficult to find a home; it’s also even more difficult to find one within one’s budget.
People who don’t want to throw the towel in just yet seek for alternative options to homeownership such as down payment assistance programs and low down payment mortgage options.
One of these options is the VA loan program, considered by mortgage experts as perhaps one of the most beneficial home loan programs to exist to date.
Why? Let’s have a quick recap of the VA loan advantages:
- 100 percent financing which means the borrower can get a VA loan without any down payment
- no mortgage insurance regardless of whether the borrower paid for a down payment
- relaxed underwriting guidelines, lenient credit score benchmark and DTI standards
- no income or asset verification
- competitive interest rates
- costs of closing can be wrapped into the loan
The bulk of the costs that the borrower must pay upfront is constituted of the VA funding fee. This cost goes back to the system to help fund the very cause of the program.
Members of the Choctaw tribe in Mississippi who are interested about the program can visit the Choctaw Town Center for assistance with the VA mortgage acquisition process.
You may also contact homeownership counselor Daniel Tubby at 601-656-0056, ext. 2678 or via email at [email protected].Click to See the Latest Mortgage Rates»