Military homebuyers and their families have access to one of the most unique loan programs. VA loans are guaranteed for almost all veterans, reservists and active service members by the United States Department of Veterans Affairs. A VA loan can be used to purchase a primary residence, including single-family homes, condominiums, multi-unit properties and more.
While there is a wide range of eligibility, minimum guidelines and requirements, there are many perks once you’ve been cleared.
No Down Payment, No Problem
Conventional homebuyers are always required to make a down payment, sometimes up to 20%. If you’re approved for a VA loan, you won’t have to worry about shelling out all that extra cash – you have the benefit of 0% down.
Say Goodbye to PMI
VA loans don’t have private mortgage insurance requirements. As a buyer, that means keeping more money in your pocket.
Lower Interest Rates, Yes Please!
VA loans have the lowest average interest rates compared to other loan types. Buyers have a chance to save big when there is little interest building up over the length of a mortgage.
Lower Credit Score Minimum
Homebuyers have to carefully consider their credit score before purchasing a home. However, one benefit of a VA loan is that buyers can have a lower score than what is required on other types of loans.
While buying a home is a big financial responsibility, eligible candidates of a VA loan may have an easier time getting a house. To learn more about the benefits and eligibility for a VA loan, click here.
Thank you for your service.
Happy house hunting!