The V.A. Mortgage Loan

The Veterans Affairs loan, or the VA loan, is a mortgage program in the U.S specifically designed for eligible veterans, active duty service members, and certain surviving spouses.  And if you qualify, this may be one of your best loan options!  If you qualify for this loan, this is a phenomenal option, especially in this current real estate market, with loan fees out of this world… thanks to inflation.

So, let’s dive in and look at the benefits:

1. No down Payment.  That’s right.  Zero dollars down, as long as the sale price does not exceed the appraised value of the home.

2. No private mortgage insurance. Unlike conventional loans that require PMI if putting less than 20% down, VA loans do not require PMI.  This alone can save you a significant amount of money upfront and each month!

3. Competitive interest rates. VA loans typically have lower interest rates compared to conventional loans, due to the fact that the federal government guarantees a portion of the loan.  This can drastically lower your monthly payment and save you thousands over the life of the loan!

4. Easier qualification standards. The VA loan program allows for more lenient credit and income requirements compared to conventional loans, making it easier for more eligible buyers to qualify.

5. Closing cost limitations. The VA limits the closing costs that lenders can charge borrowers, potentially saving you money at closing.

6. Reusable benefit. The full VA loan benefit can be used multiple times throughout a your lifetime, as long as the previous VA loan has been paid off.