Advantages of VA Home Loan
By Prime Choice Funding | February 15, 2019
With the ability to purchase a home with no money down, a VA Home Loan is ideal for most active duty service members and veterans. Your VA entitlement lets you purchase the home of your dreams or refinance your current property with features unavailable to the general public. Even if you have experienced significant credit issues in the past, the VA Home Loan program is typically forgiving.
Here are just some of the advantages of a va home loan:
You can purchase with no money down, forgiving credit terms and a process as simple as filling out a form. While every other program available requires some form of down payment, VA loans give you the keys to the castle with minimal hassle.
Your Active Duty or Veteran status can help you save thousands in fees annually. Other home purchase programs (e.g. FHA or low down payment programs) require large down payments and/or monthly mortgage insurance (additional monthly payments) – not the case for VA Home Loans.
The Department of Veterans Affairs rewards your service by backing your home purchase. The VA provides a certain Entitlement amount depending on the location of the home you want to buy and, if any unforeseen circumstances arise down the line, the federal government has your back. As an added layer of protection, the VA requires home inspections by VA Appraisers and Pest Inspectors (in certain locations) before the final sale.
Your funding fee will vary depending on the branch of service (active duty) and your Disability Awards (veterans). VA Loans do not require you to pay the fee out of pocket – it’s added to the loan balance after a completed purchase. Disabled Veterans and Surviving Spouses of Disabled Veterans are exempt from the funding fee, maximizing your potential to buy your dream home.