For over 80 years, Veterans Affairs (VA) home loans have helped millions of veterans buy their own homes. If you or someone you know has served in the military, it’s important to let them know about this program and its benefits.
Here are some key things to know about VA loans before buying a home.
Top Benefits of VA Home Loans
VA home loans make it easier for veterans to buy a home. They are a great perk for those who qualify. According to the Department of Veteran Affairs, some benefits include:
- Options for No Down Payment: Qualified borrowers can often purchase a home with no down payment. That’s a huge weight lifted when you are trying to save for a home.
- Don’t Require Private Mortgage Insurance (PMI): Many other loans with down payments under 20% require PMI. VA loans do not, which means veterans can save on their monthly housing costs.
- Limited Closing Costs: There are limits on the types of closing costs you pay when you qualify for a VA home loan. So, more money stays in your pocket when it’s time to seal the deal.
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.
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