Benefits of a VA Loan – VA Loans Have Great Benefits For Those Who Qualify

VA loans rock for Veterans and other eligible VA loan applicants like reservists and spouses of deceased military personnel. In fact, the benefits of a VA loan make this loan a very sweet deal for those who can get it.
See if I Qualify for a VA loan.

VA loans are so great because they are:

The last true 100% financing mortgage – No down payment required for purchases and up to 100% of the home’s value for refinances.

Very flexible when it comes to credit guidelines – VA loans technically don’t require a credit score and they allow an applicant to use alternative forms of credit in the situation where they don’t have credit established on their credit report.

Aside from these two great benefits (or features depending on how you look at things) there are more great benefits that we list below. Hopefully with these in mind, you will consider applying for a VA mortgage.

You can reuse your eligibility – it is a common misconception that once you use your VA certificate of eligibility that you cannot get another VA loan. This is false. What you need to remember though is that while you have one VA loan you may be limited on what you can borrow for a second VA loan. But, if you payoff one VA loan you should have no problems getting another one if you credit and income qualify.

You can use a VA loan to buy or refinance a home – it is common that many people think of VA loans as only good for buying a home. In fact, you can use a VA loan to buy a home, refinance your home, make home improvements, and even make energy efficiency upgrades to your home.

VA loans inexpensive and often have lower payments than FHA mortgages and Conventional mortgages – one way that Vets are steered away from getting a VA loan is because they are told that VA loans are more expensive and even take more time to get than a regular mortgage or FHA loan. This is simply not true. VA loans often have lower interest rates than the going rates on the market.

Also, VA loans don’t require PMI or MIP (mortgage insurance) – which keeps the monthly payment lower than conventional mortgages. As far as closing costs – the VA dictates what kinds of fees are customary and reasonable in a way to protect VA loan applicants from over paying costs when they get their mortgage.

VA loans are available for quite a few number of people – lastly, it is common that many people think that VA loans are only for Vets – this couldn’t be the farthest from the truth. VA loans are available to eligible applicants who are spouses of deceased military personnel, members of the reserves or national guard (if you have over 6 years of honorable service), and members of active duty. You will need to check your VA eligibility by getting a certificate of eligibility from the VA.

These are some of the benefits of a VA loan. There are more, but these should help you at least decide that you may want to check into this excellent mortgage programs if you think you have eligibility.
Qualify for a VA loan