How VA Loans Can Help You Buy a Home

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For more than 80 years, Veterans Affairs (VA) home loans have assisted millions of veterans in purchasing their own homes. If you or someone you know has served in the military, it's critical to understand this program and its benefits.

Here are some important things to know about VA loans before purchasing a home.

Top Advantages of VA Home Loans

VA home loans make it easier for veterans to purchase a home, and they are a valuable benefit for those who qualify. According to the Department of Veterans Affairs, some benefits include:

  • Options for No Down Payment: Qualified borrowers can frequently buy a home with no down payment. That's a huge weight off your shoulders when trying to save for a house. The Associated Press reports:

". ..Approximately 90% of VA loans are used to buy a home with no money down.

  • Do not require private mortgage insurance (PMI): Many other loans with down payments of less than 20% require PMI. VA loans do not, allowing veterans to save on their monthly housing expenses.
  • Limited Closing Costs: When you qualify for a VA home loan, you can only pay certain types of closing costs. As a result, when the time comes to close the deal, you'll have more money.

An article from Veterans United summarises how remarkable this loan 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.”

Bottom line.

Having a home is the American Dream. Veterans sacrifice a lot to protect our country, and one way to honor them is to make sure they are aware of VA home loans. 

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