80% of the country’s veteran population are homeowners–compared with just 60% of non-veterans. This means that more veterans own homes than non-veterans, and yet only 13% of veterans in the U.S. have ever utilized their VA loan benefit. Check out some of the programs amazing advantages.
No Down Payment
One of the most valuable aspects of VA loans that they don’t require a down payment. In fact, 100% of the home’s value can be financed with a VA home loan. While veterans do need to pay a fee to the VA upon loan closing (this fee helps to keep the VA home loan program funded for other veterans in the future), the fee is less than even a minimum down payment on any other loan type.
100% Equity Cash Out
For veterans who already own homes, refinancing with a VA loan allows for the opportunity of 100% equity cash out. This is something many homeowners find to be extremely valuable, especially when it comes to saving for college or retirement, making home improvements, or even paying off higher interest debt such as credit cards or installment loans.
No Mortgage Insurance To Worry About
In addition to those great benefits, VA loans do not have any type of mortgage insurance premiums or private mortgage insurance costs. Even if the veteran purchases a home with a 0% down payment, there is no insurance cost to factor into the home’s monthly mortgage payment with a VA home loan.
Lower Interest Rates
In the majority of instances, eligible veterans are offered lower mortgage rates on VA loans than on conventional or FHA loans.
Do I Qualify?
There are many questions about VA loans, but most people want to know if they’re eligible to obtain one. Both active and veteran military members are eligible for VA loans, as are, in some instances, their surviving spouses.
To gain a better understanding of if you’re eligible for a VA loan, then schedule a 15-minute consultation with me today!