Veterans Affairs (VA) home loans have helped a lot of Veterans buy homes for the past 80 years. A lot of Veterans can use this powerful program, but most of them don’t know about one of its main benefits.
Veterans United says that only 3 out of 10 Veterans know that they may be able to use a VA loan to buy a home with no down payment.
This is the reason why Veterans and people who care about Veterans need to know about this program. Veterans United says this about VA home loans:
“… come with a long list of big benefits, such as no down payment, no mortgage insurance, easy and flexible credit requirements, and the lowest average fixed interest rates in the industry.”
The Benefits of VA Home Loans
These loans are meant to make it easier for people who have served to buy a home. In the process, they give their families the chance to settle down and build equity in their own home. According to the Department of Veterans Affairs, these are some of the best things about this type of loan:
- Options for No Down Payment: One of the best things about being a Veteran is that many of them can buy a home with no down payment at all.
- Limited Closing Costs: Closing costs are limited for Veterans who get VA loans. Veterans can only pay certain types of closing costs. When you’re ready to buy, this helps you keep more money in your pocket.
- No Private Mortgage Insurance (PMI): There is no private mortgage insurance (PMI): VA loans don’t need PMI, even if you make a smaller down payment, unlike many other loan types. This means you’ll pay less each month, which can save you a lot of money over time.There are many options and benefits to VA loans.
If you want to learn more, your team of expert real estate professionals, including a local agent and a trusted lender, is the best place to start.
Bottom Line
VA home loans can change your life, and a reliable lender and agent can help you make sure you understand everything and are ready to make a solid plan.