What are the benefits of a VA Loan?
VA loans, reserved for veterans, service members, and military families, are unique insofar as their flexibility for qualified persons who might otherwise have problems with financing. With no down payment required and competitive rates to standard mortgages, buying a home may cost little or nothing to obtain. Since the beginning of 2020, there are no VA loan limits for eligible vets.
Your benefits can include:
No Down Payment: Qualified borrowers can finance 100 percent of the home’s value without putting down a dime.
No Private Mortgage Insurance (PMI): A VA Loan has no requirement for PMI as do conventional mortgages. The federal government backs all VA Loans and assumes the risk on behalf of the borrower omitting the need for PMI. This VA advantage saves thousands of dollars for the duration of your loan while also allowing you to build more equity.
Competitive Interest Rates: Since the VA backs each loan with a guarantee, financial institutions have less risk and can offer interest rates that are typically 0.5 to 1 percent lower than conventional interest rates. Your VA status enables you to purchase your dream home with no down payment while also saving your countless dollars over the period of your loan!
Ready to get started on your VA loan today?