Are you a Veteran looking to take out a home loan? Luckily, the VA Loan program offers some of the most affordable mortgage options for our proud Veterans, service members, and military families. These government-backed loans offer outstanding benefits that will help you obtain the house you’ve always wanted while also minimizing the struggle that comes along with this daunting process.
Here are a few major benefits to the VA Loan program:
- No Down Payment required- Saving money for a down payment can be quite difficult for service members who are constantly moving around from place to place. Luckily, if you qualify for a VA Loan you can finance the entirety of the houses market value without paying a down payment no matter the cost of the loan.
- No PMI- Most lenders these days require borrowers to insure their mortgage unless they are able to put down 20 percent as a down payment for the loan. Private mortgage insurance is an added expense that could be cut out entirely with the help of a VA loan.
- Competitive Interest Rates- The interest rate that is paid on mortgages is usually based off of the risk that is associated with the amount for the loan. Fortunately, if you qualify for a VA loan the government will personally guarantee and back your mortgage. This will greatly reduce the risk for the bank that is loaning you your mortgage assuring you a great interest rate for your loan!
These are just a few of the major benefits that are offered by the VA Loan program. Hopefully, the benefits listed in the VA Loan program can help you obtain the house that you’ve always dreamed of. Be sure to read more on the VA Loan program and discover what other advantages a VA Loan can offer you!