Skip to main content

Benefits of a VA loan in today’s real estate market

With interest rates remaining steady at all-time lows and a housing market that has seen below-market prices in most areas, now is a great time for servicemembers to purchase a home or refinance their existing home and take advantage of the benefits of a VA loan.

So, what are the benefits of a VA loan?

  1. It is available for active-duty servicemembers, veterans and some surviving spouses
  2. It can be used to purchase an existing home, build a new home or refinance an existing mortgage
  3. For the purchase of a new home, a down payment is not required – it is possible to finance 100% of the purchase price
  4. For the refinance of an existing VA mortgage, borrowers can refinance to a lower interest rate VA loan (VA to VA loan) without having to re-qualify by taking advantage of the VA Streamline Refinance Loan Program (IRRRL)
  5. If the borrower/purchaser can provide proof from the VA of a service-related disability, the VA funding fee may be waived by the lender
  6. There is no form of mortgage insurance premiums that are paid during the course of the loan, unlike FHA loans or some conventional mortgages
  7. While conventional mortgages guarantee the best interest rates for borrowers with a credit score of 720 or higher, a VA loan will not be denied to a borrower nor will a higher interest rate be charged based solely on a low credit score

Now is the time to take advantage of this government-backed loan program and low interests rates to buy the home of your dreams!

Credit Score, FHA, Home Loan, homebuyers, Military, real estate, Tips or Advice, Veteran's Affairs, veterans