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Top 10 Benefits Of VA Home Loans

Active duty military personnel and veterans are rarely granted the respect they deserve. One small way the U.S. Department of Veterans Affairs shows its appreciation is through VA loans.

To be clear, access to a VA loan is a privilege, and one that not everyone qualifies for. Should you qualify for a VA loan, a host of benefits await you. Here are just a few of the benefits associated with loans reserved solely for active or retired members of the US Armed Forces.

1. No Down Payment Necessary

All the most popular types of mortgages require a down payment. A VA loan is the exception. The closest thing to a VA loan in this sense is an FHA loan. However with an FHA, borrowers are still generally required to pay at least 3.5% of the house’s value as a down payment. Even though it sounds too good to be true, a VA loan doesn’t require that a borrower provide a down payment.

2. No Mortgage Insurance For VA Loans

Lenders do everything within their power to guarantee that they’ll get their money back. This means that if a borrower makes a down payment of less than 20% they’ll generally be required to purchase mortgage insurance. When it comes to VA loans, this isn’t the case. With the down payment and mortgage insurance chopped off the price tag of home ownership, VA members are relieved of a hefty financial burden.

3. Backed By The Government

As previously mentioned, VA loans are only available thanks to the US government. Should a borrower be unable to pay back their loan, the government will step in to offer the lender a portion of the outstanding loan. This guarantee gives lenders the ability to offer such mouth-watering loans.

4. No Two VA Loans Are Alike

While VA loans are aided with the financial support of the government they aren’t offered by the government. US banks, credit unions, mortgage lenders, and savings and loans institutions create and offer these exclusive loans. Each institution sets its own rates and fees for VA loans. This means that there is a variety of loans that you can take advantage of.

5. Easier To Qualify For Than Other Loans

VA loans offer a degree of flexibility. Sufficient income and credit history are both needed to receive a VA loan. However due to government backing, loan agencies are willing to lower their standards a bit when offering VA loans because they know that the government will partially take care of any unpaid payments.

6. Closing Costs Are Less And More Transparent

Closing costs are enigmatic fees that borrowers are required to pay before receiving a property title. VA borrowers still have to pay certain closing costs fees. That being said, lenders are limited in the closing costs they’re able to charge loan applicants.

7. VA Loans Are Assumable

An oft-overlooked perk is the transferability of VA loans. Perhaps you have a VA loan and are trying to sell your home in a rising mortgage rate environment. Many would-be buyers will be turned off by the idea of buying a home due to high interest rates. What an assumable VA loan enables you to do is give your loan to the new homeowner. The same rates that applied for you will now apply to them. This makes the selling of a home, no matter the interest climate, an easy prospect.

8. Lifetime Benefit

Borrowers have a tough enough time believing all the perks that accompany a VA loan. So when they’re told that such a loan can be utilized more than once, they’re often shocked.

The VA mortgage program can be used multiple times throughout the course of one’s life. What’s more is that you don’t even have to pay off one VA loan to get another. There are certain restrictions on what a VA loan can be used to purchase, however there are no limits to how many loans you can take out throughout the course of your lifetime.

9. Foreclosure Avoidance

The government works hard to ensure that veterans not only have access to favorable loans, but that veterans keep their homes. In the past decade VA loans have been the safest mortgage loan. This is because the VA works with veterans in jeopardy of losing their homes by finding alternatives to foreclosure. In fact, VA loans have a foreclosure start rate of .70%.

10. Refinancing Into A VA Loan

Not everyone eligible for a VA loan choose to get one. If your current mortgage does not offer favorable terms, you can refinance into a VA loan should you meet the requirements. Those with existing VA loans also have the ability to refinance by lowering their monthly rate with a new interest rate.

If you have questions concerning VA loans, feel free to ask Affiliated Mortgage. Their loan officers are comprised of a number of veterans that possess an intimate understanding of the VA loans. With Affiliated Mortgage, you’ll be guided by employees that are experts in the VA loan process.

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Top 10 Benefits Of VA Home Loans

Active duty military personnel and veterans are rarely granted the respect they deserve. One small way the U.S. Department of Veterans Affairs shows its appreciation is through VA loans.

To be clear, access to a VA loan is a privilege, and one that not everyone qualifies for. Should you qualify for a VA loan, a host of benefits await you. Here are just a few of the benefits associated with loans reserved solely for active or retired members of the US Armed Forces.

1. No Down Payment Necessary

All the most popular types of mortgages require a down payment. A VA loan is the exception. The closest thing to a VA loan in this sense is an FHA loan. However with an FHA, borrowers are still generally required to pay at least 3.5% of the house’s value as a down payment. Even though it sounds too good to be true, a VA loan doesn’t require that a borrower provide a down payment.

2. No Mortgage Insurance For VA Loans

Lenders do everything within their power to guarantee that they’ll get their money back. This means that if a borrower makes a down payment of less than 20% they’ll generally be required to purchase mortgage insurance. When it comes to VA loans, this isn’t the case. With the down payment and mortgage insurance chopped off the price tag of home ownership, VA members are relieved of a hefty financial burden.

3. Backed By The Government

As previously mentioned, VA loans are only available thanks to the US government. Should a borrower be unable to pay back their loan, the government will step in to offer the lender a portion of the outstanding loan. This guarantee gives lenders the ability to offer such mouth-watering loans.

4. No Two VA Loans Are Alike

While VA loans are aided with the financial support of the government they aren’t offered by the government. US banks, credit unions, mortgage lenders, and savings and loans institutions create and offer these exclusive loans. Each institution sets its own rates and fees for VA loans. This means that there is a variety of loans that you can take advantage of.

5. Easier To Qualify For Than Other Loans

VA loans offer a degree of flexibility. Sufficient income and credit history are both needed to receive a VA loan. However due to government backing, loan agencies are willing to lower their standards a bit when offering VA loans because they know that the government will partially take care of any unpaid payments.

6. Closing Costs Are Less And More Transparent

Closing costs are enigmatic fees that borrowers are required to pay before receiving a property title. VA borrowers still have to pay certain closing costs fees. That being said, lenders are limited in the closing costs they’re able to charge loan applicants.

7. VA Loans Are Assumable

An oft-overlooked perk is the transferability of VA loans. Perhaps you have a VA loan and are trying to sell your home in a rising mortgage rate environment. Many would-be buyers will be turned off by the idea of buying a home due to high interest rates. What an assumable VA loan enables you to do is give your loan to the new homeowner. The same rates that applied for you will now apply to them. This makes the selling of a home, no matter the interest climate, an easy prospect.

8. Lifetime Benefit

Borrowers have a tough enough time believing all the perks that accompany a VA loan. So when they’re told that such a loan can be utilized more than once, they’re often shocked.

The VA mortgage program can be used multiple times throughout the course of one’s life. What’s more is that you don’t even have to pay off one VA loan to get another. There are certain restrictions on what a VA loan can be used to purchase, however there are no limits to how many loans you can take out throughout the course of your lifetime.

9. Foreclosure Avoidance

The government works hard to ensure that veterans not only have access to favorable loans, but that veterans keep their homes. In the past decade VA loans have been the safest mortgage loan. This is because the VA works with veterans in jeopardy of losing their homes by finding alternatives to foreclosure. In fact, VA loans have a foreclosure start rate of .70%.

10. Refinancing Into A VA Loan

Not everyone eligible for a VA loan choose to get one. If your current mortgage does not offer favorable terms, you can refinance into a VA loan should you meet the requirements. Those with existing VA loans also have the ability to refinance by lowering their monthly rate with a new interest rate.

If you have questions concerning VA loans, feel free to ask Affiliated Mortgage. Their loan officers are comprised of a number of veterans that possess an intimate understanding of the VA loans. With Affiliated Mortgage, you’ll be guided by employees that are experts in the VA loan process.

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