For those who have served our country in the military, VA loans offer a pathway to homeownership with unparalleled advantages. VA loans can open doors for veterans and active-duty service members alike. Funding fee exemptions and adaptations are also available through this loan, making homes more accessible to veterans.
The power of VA loans starts with the most exciting and rewarding benefit:
No down payment required!
Unlike most traditional mortgages, VA loans typically don’t require a down payment… which eliminates one of the biggest barriers to homeownership. Veterans can find great comfort in knowing they have little to no upfront cost.
Aside from no down payment requirement, VA loans offer competitive interest rates, making homeownership more affordable over the life of the loan. This can save veterans thousands of dollars in interest payments compared to other loan options available.
No Private Mortgage Insurance (PMI) is necessary with VA loans. With conventional loans, PMI is typically required with less than a 20% down payment. This results in additional significant savings each month, further reducing the overall cost of homeownership.
While conventional loans may have strict credit score requirements, VA loans are known for being flexible. Veterans and service members with less-than-perfect credit can still qualify for a VA loan.
Overall cost savings are the big win with VA loans, but also the opportunity to have streamlined refinancing options. This includes VA Interest Rate Reduction Refinance Loan (IRRRL), allowing borrowers to lower monthly payments and interest rates with minimal paperwork or hassle.
In certain situations, VA loans are assumable, meaning that a qualified buyer can take over the loan from the original borrower. This can be valuable when it’s time to move on from your home. VA loans are more than just a financial product-they’re a lifeline for veterans and active-duty service members looking to achieve the dream of home ownership. With all of these benefits like no down payment, competitive interest rates, no PMI, VA loans allow a more accessible and affordable option.
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