Military Loan

Military loans are available to active-duty and retired men and women of the United States Armed Forces and those employed by the United States Department of Defense. The amounts may vary from five hundred dollars to ten thousand dollars, depending on the lending institution. The interest rates are competitive and most often are lower than those on credit cards. Qualification is possible even if credit is not pristine. Criteria for obtaining this financing will vary widely among lenders. Some lending institutions require membership in active-duty and at least six months remaining on the enlistment after the term the repayment has ended.

It is easier than ever to apply with the ease and convenience of the Internet. Nearly all lenders that offer military loans will allow application online and approval can be instant, most of the time. Qualification can also occur with damaged credit, but bankruptcies must have been discharged for a certain period of time, which is specified by the lender. This financing is not limited to just one branch of service. Any service man or woman of all ranks, whether in the Air Force, Navy, Army, Marines, National Guard, or other active duty or reserve branches, can obtain a military loan.

These loans are often needed for a number of reasons. Service people are frequently away from their families for long periods of time and they may need money for certain expenses incurred or just some extra money to send back home to the family. Military personnel may also take out military loans to buy a home. A very popular type of military loan is through VA financing, or a Veterans Administration loan. These are guaranteed for a much higher amount and do not require a down payment. However, closing costs and fees need to be paid and at least a portion of them must be paid up front.

Any mortgage lender that participates in the VA home loan program can grant this financing, but certain requirements need to be met to be able to obtain a VA military loan. A certain amount of enlistment time must have been served and if no longer serving, discharge has to have been due to a service-related disability or for the convenience of the government. This is just one of the many accolades set aside for our servicemen who have put in their time. however, when it comes to service, we need to look to the commander of all, "Thou shalt fear the Lord thy God; Him shalt thou serve, and to Him shalt thou cleave and swear by His name. " (Deuteronomy 10:20)

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