The VA Home Loan – One Way the Mortgage Industry Supports Our Troops
It is time our loyal military veterans see more benefits of being a veteran of the U.S armed forces. One way the lending industry is offering benefits is by the VA home loan. This is no ordinary loan and comes with some great deals produced just for our veterans. This is a great economic time to buy a home and why not take advantage of every offer possible? Veterans who are looking to buy will be happy to find that they qualify for quite possibly the best home loan obtainable. Better however, this awesome loan was produced specifically for them.
As it has been said time and time again, this is historically the best time to buy a home. There are several loan programs obtainable along with first time buyer benefits, low interest rates and very affordable similarities. However, veterans are seemingly more persuaded to buy because of the 100% VA home loan obtainable to them.
The VA home loan is much different than a traditional or FHA loan because it requires no down payment. Absolutely 100 percent financing for VA home purchases makes it a great time to be a veteran in this buyer’s market. Imagine owing no down payment prior to moving in to a brand new home; that’s a luxury for anyone who has had to tap into savings or borrow money for a down payment.
Does the VA loan require PMI?
No. This is such a great program because the veteran saves money on their mortgage payment because there is no additional mortgage insurance (PMI) required. PMI or premium mortgage insurance is an additional cost passed on to the borrower in the event that they default on the loan or go into foreclosure. Most non-veterans have a steeper mortgage payment because of the additional insurance (PMI) incurred with the payment. This is one of the many reasons the VA home loan is among one of the best of all loan programs obtainable.
Many that have qualified for a VA loan have purchased a new home, built a home or made upgrades to their current home. The VA home loan program is wonderful because it gives veterans the chance to be home owners. There is no better feeling than owning your own home and its nice to give veterans top tier service when it come to purchasing a home. Veterans who qualify for a VA loan will receive the best rates possible. It is almost a steal if a veteran were to buy in this current market. It is no secret that is a buyers market no matter what program you choose.
Who qualifies for a VA home loan?
Anyone who has before or is currently serving in the armed forces qualifies for the loan program. However, there are some active duty requirements amended by the VA.
This home buyer’s market is making history. The sets and programs obtainable today should make it hard for anyone to down the chance to buy a new home. When owning has become just as affordable as renting, there is no better reason to buy. The $8,000 tax credit for first time home buyers applies to all loan programs is just as easy to get it with a VA loan program.
Buy now, save later. Buyer’s market, historically low interest rates, great character values, abundant homes for sale, what’s not to like? It’s time to move on to bigger and better things, it’s time to be a home owner.