VA Loan Benefits
Federally backed VA loans are available to most veterans and active duty military members. Compared to traditional loans, VA home loans provide a number of benefits. While most homebuyers typically need a down payment of 5% or more, VA borrowers can purchase a home with $0 down. Considering that 5% on a $200,000 home would be $10,000, the ability to purchase a home without a down payment could allow you to purchase a home much sooner with a VA loan than with a traditional loan.
The qualifications for VA loans are also less stringent, making them more accessible to those who lack a strong credit history. VA loans offer competitive rates, are backed by the government and have the most lenient guidelines making them the easiest loans to qualify for. Because VA loans do not require the expense of private mortgage insurance and they currently have the lowest interest rates the monthly payments are much lower, and many veteran buyers save several thousand dollars over the lifespan of the mortgage.
Questions about VA Loans? I’m available to help! Email Terri