Why should I use a VA loan to purchase a home?
NO Downpayment - 100% financing
For loans up to $500,000. Loans greater than that will require a down payment equal to 25% of the difference between the purchase price and $500,000.
LOWER Interest Rates
Lenders face less risk on a VA loan since the loan is government backed and, in general, veterans usually have a lower default rate that traditional borrowers.Therefore, this typically results in rates that are 0.25% than other loans.
Flexible Credit Standards
In general, the minimum acceptable FICO score for a VA loan is 620, but each lender has the ability to set its own minimum and requirements for the borrower.
NO Mortagage Insurance Premiums
All other loan programs in which a borrower puts less than 20% down will require private mortgage insurance(PMI) of some sort. This is not the case with the VA and makes it a huge benefit!
Assistance to Borrowers in Default
When a VA-guaranteed home loan becomes delinquent, VA provides supplemental servicing assistance to help cure the default.
An Assumable Mortgage
Allows a new home buyer to take over the obligation of the seller's loan with no change in loan terms. In the case of the VA, it can be assumed by any credit worthy borrower, including non-veterans and investors and allowing them to maintain a lower interest rate and reducing transaction costs.
DOES NOT expire and IS resuable
Unlike other military benefits, it can be used over and over again. There is no time limit and no limit to the number of times the benefit can be used.
Use BAH to accumulate equity in a home and INCREASE net worth
Instead of using your BAH to rent a home and put the money directly into a landlord's pocket, why not purchase a home and keep it for yourself? For similar payments and limited out of pocket expenses, as a homeowner, you can accumulate equity in the home and benefit from the appreciation of the property over time.
How does a VA loan compare to other loan options?
VA vs. FHA
VA vs. Conventional
VA Jumbo vs. Conventional Jumbo
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