For over 80 years, Veterans Affairs (VA) home loans have helped millions of veterans buy their own homes. If you or someone you know has served in the military, it's essential to learn about this program and its benefits.
Top Benefits of VA Home Loans
VA home loans make it easier for veterans to buy a home and are a significant perk for those who qualify. According to the Department of Veterans Affairs, here are some benefits:
1. Options for No Down Payment: Qualified borrowers can often purchase a home with no down payment. That’s a huge relief when you’re trying to save for a home. The Associated Press reports:
“...about 90% of VA loans are used to purchase a home with no money down.”
2. No Private Mortgage Insurance (PMI): Many other loans with down payments under 20% require PMI. VA loans do not, which means veterans can save on their monthly housing costs.
3. Limited Closing Costs: There are limits on the types of closing costs you pay when you qualify for a VA home loan. So, more money stays in your pocket when it’s time to seal the deal.
Veterans United sums up how remarkable this loan can be:
“For the vast majority of military borrowers, VA loans represent the most powerful lending program on the market. These flexible, $0-down payment mortgages have helped more than 24 million service members become homeowners since 1944.”
Closing Thoughts
Owning a home is the American Dream. Veterans give a lot to protect our country, and one way to honor them is by making sure they know about VA home loans. If you have any questions or need more information about VA loans and how they can help you buy a home, let’s connect.
