VA loans have grown significantly popular in recent years. As one of the best mortgage programs available in today’s market, VA loans are making it possible for many consumers to become homeowners. Available to veterans, service members and military families for a home purchase or refinance, VA loans offer benefits that do not come with other types of loans. While the Veteran’s Administration (VA) does not lend money, it does guarantee a portion of the loan. This makes it easier for lenders to offer favorable terms and competitive mortgage rates to those who qualify.
Perks of VA Loans
1. There is no need for a down payment or monthly mortgage insurance with a VA loan. 100% financing is available.
2. VA loans are assumable. If you sell your home, the buyer can assume your mortgage as long as they are approved. Assumable mortgages are more attractive to buyers when mortgage rates are rising.
3. Seller paid closing costs and seller concessions are allowed with VA loans. Seller paid concessions can be used to pay off items such as your existing debt.
4. VA loans can be used to make energy efficient home improvements including installing solar heating or cooling systems. Home improvements and repairs can also be done when using a VA loan.
5. Refinancing an existing VA loan is quick and easy when using the VA streamline refinance, also known as the Interest Rate Reduction Refinance Loan. This is a no cash out refinance that requires no appraisal and very little documentation.
6. Refinancing with a regular VA refinance loan allows for cash out. Borrowers who have other types of mortgages, but are VA eligible, can choose the regular VA refinance to enjoy the additional benefits offered with a VA loan.
7. VA loans require owner occupancy when purchasing a home. However, when refinancing, the borrower only needs to certify that they have lived in the home at some point in time. This allows the borrower to use their VA entitlement to purchase another home with a VA loan.
VA loans are one of the best benefits offered to those who have served our county. Competitive mortgage rates allow VA loans to be cheaper and more affordable for the borrower. No down payment and no mortgage insurance lets borrowers to keep more money in their pocket. With all of the added benefits, VA loans are an advantage eligible veterans should take advantage of for housing.
My loan process was very easy and quick. Not to mention a great loan rate. I couldn't be happier!
Capt Sam T. - US Army
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