VA Home Mortgage Loan Advantages For Veterans

There are many advantages of VA home mortgage loans. If you are a veteran or on active service and looking to buy a house when you return from duty, the VA home mortgage loan is the way to go.

Veterans, before you begin looking into a mortgage for a home purchase, consider these VA home loan advantages.

  • The VA home loan is one of the few loans left on the market that requires no down payment. This in itself is one of the biggest advantages to using your VA benefits.
  • Interest rates are lower and can be negotiated with the lender. This is because the loans are guaranteed by the U.S. government.
  • There is no monthly mortgage premium to pay with a VA loan.
  • On most VA loans, you do not have to pay out-of-pocket closing costs because the VA allows the seller to pay them for you.
  • Loans can be fixed or adjustable. You choose which type of mortgage you want.
  • You can prepay the loan without penalty.
  • VA mortgages are assumable, meaning they can be transferred to someone else. This can make selling your home easier.
  • Appraisers are VA-licensed, meaning the VA assigns an approved appraiser to estimate the value of your home. In a conventional mortgage, in most cases the lender chooses the appraiser. This could influence the appraiser to give an estimate that is favorable to the lender, which could cost you money.
  • You can borrow up to $417,000 with a VA home mortgage loan.

The VA home loan has helped thousands of veterans over the years to get into a new home. If you are a veteran, you owe it to yourself to take advantage of your veteran’s benefits and see what a VA home loan can do for you.