VA Loans Can Help Veterans Achieve the Dream of Homeownership
For over 78 years, Veterans Affairs (VA) home loans have provided millions of veterans with the opportunity to purchase homes of their own. If you or a loved one have served, it's important to understand this program and its benefits.
After all, tomorrow is Veterans Day so I can't think of any better time to share this information.
What Are VA Loans?
The US Department of Veterans Affairs describes the program like this:
"VA direct and VA-backed Veterans home loans can help Veterans, service members, and their survivors to buy, build, improve, or refinance a home. You’ll still need to have the required credit and income for the loan amount you want to borrow. But a Veterans home loan may offer better terms than with a traditional loan from a private bank, mortgage company, or credit union."
Top Benefits of the VA Home Loan Program
In addition to helping eligible buyers achieve their homeownership dreams, VA loans have several other great benefits for their buyers. Some of these, as backed by the Department of Veteran Affairs include:
Qualified borrowers can often purchase a home with no down payment.
Many other loans with down payments under 20% require Private Mortgage Insurance (PMI). VA Loans do not require PMI, which means veterans can save on their monthly housing costs.
VA-Backed Loans offer competitive terms and mortgage interest rates.
A recent article from Veterans United sums up just how impactful this loan option can be:
"For the vast majority of military borrowers, VA loans represent the most powerful lending program on the market. These flexible, $0-down payment mortgages have helped more than 24 million service members become homeowners since 1944."
John Bell, Acting Executive Director of the Department of Veterans Affairs Loan Guaranty Service, explains why this program is so powerful:
"It provides early ownership for many people that would not have that opportunity to begin with. Since there's no down payment, it allows people to hold their wealth and it gives them the ability to have long term financial security by being able to own a house and let that equity grow."
Are you a Veteran? We've Got Connections to experienced mortgage brokers that can help get the process started. Contact Us :)
Homeownership is the American Dream. Our veterans sacrifice so much in service of our nation, and one way we can honor and thank them is to ensure they have the best information about the benefits of VA home loans. To All Veterans (and their families):
THANK YOU FOR YOUR SERVICE AND SACRIFICE