Spring, TX -- (SBWIRE) -- 09/24/2015 -- A VA Loan offers numerous benefits to those who are currently serving the country in the armed forces or those who have done so in the past. The VA home loan program offers no down payments, limitations on how much a buyer can be asked to pay in closing costs, no monthly mortgage insurance premiums and a property value appraisal. When the loan is used to purchase a new home, inspections take place at various stages of the process and the builder must provide a one year warranty. Financial counseling and personal loan servicing are two features of this program also. Once a person answers what is a VA home loan, he or she understands why many choose this financing option.

"According to GlobalFirepower.com, the United States military currently includes 1.4 million active frontline personnel and 1.1 million active reserve personnel. This doesn't include individuals who have served in the military in the past who are eligible for a VA loan. Every individual who volunteers to serve this country deserves a break now and then and these loans provide them with this break, by allowing them to obtain affordable housing," Gerry Nicodemus, spokesperson for AMCAP Mortgage, states.

Individuals need to be aware not all will qualify for a VA loan. Although the VA does guarantee the loan, the lender determines the minimum acceptable credit score. Many lenders require a minimum credit score of 640 to qualify, yet others only ask for a 620 credit score. Every consumer has three credit scores, and lenders typically use the middle credit score when evaluating an application. In addition, borrowers must have sufficient income to make payments on the loan.

"As with any home loan, borrowers need to compare various lenders, as each institution determines their own guidelines for home loans. Many military service personnel find they are turned down by other lenders, only to have AMCAP Mortgage-NHB approve their request. This is due in large part to our requirement that a borrower only has a 620 credit score, as opposed to the typical 640 score. Our goal is to help those serving our country and this reduced requirement is one way we are able to do so," Nicodemus explains.

Borrowers often wish to know if there are any other requirements for VA loans. With any VA loan, the residence being purchased must be the primary residence of the borrower. Individuals stationed overseas may purchase a home as their primary residence for use by their family, in the event the family will not be residing overseas with the service member. Borrowers who have lost a home to foreclosure or a short sale also qualify for these loans, although a certain time period must have passed before they become eligible.

"Contact AMCAP Mortgage-NHB today to learn more about VA home loans. We will be happy to answer all of your questions, allowing you to feel comfortable with using this type of loan for the purchase of your new home," Nicodemus declares.

About AMCAP Mortgage-NHB
A Texas Department of Savings and Mortgage Lending registered mortgage banking entity, AMCAP Mortgage-NHB serves clients in ten states and maintains offices in six. All employees remain committed to providing outstanding service at every stage of the home buying process, understanding how stressful it can be to purchase a home. The loan process has been streamlined, where possible, to make it pleasant and efficient.