Our veterans help guarantee all the freedoms and benefits we have in this country. In return, Congress initiated the home loan for vets, VA home loan, program around the time of World War II. Millions of veterans are eligible and can benefit from the following advantages:
Home Loans for Vets generally do not require a down payment. This is even better than the FHA benefits available to most.
Even though VA Loans have no down payment, they also do not carry a mortgage insurance premium or PMI.
VA Loans have No prepayment penalty. If you decide to payoff the loan after 10 years, you do not have to pay a surcharge for this.
More Refinance Options
If you are a veteran, you have more options for refinancing. You can get a lower payment and interest rate whether you started with a VA loan or not. The main requirement is that you are a vet.
VA loans are assumable by the buyer. If the person getting the property isn’t eligible for the VA loan, they can still assume the loan.
The rates for VA loans are generally much lower than traditional mortgage rates.
While it is possible to foreclose on a VA loan, the chances are low. The VA works hard to find foreclosure avoidance options for our veterans. This is a key benefit that is rarely spoken about.
The benefits from VA loans is not limited to one time. Once a loan is paid off, you are entitled to seek a second VA loan.
These are all generally low for a home loan for vets. The Veterans Administration caps clouting costs and even allows sellers to pay said costs in addition to other renumeration.
The Veteran’s Administration doesn’t make any of these loans but guarantees them. Karen Douglas, the Danville based mortgage broker, has several VA loan options. She loves helping our vets so reach out today.