Veterans - Use Your VA Benefits to Buy a Home

The VA Loan program is the best home loan program choice for many veterans, service members and military families. Government-backed VA loans come with significant benefits that can make homeownership possible for veterans who might otherwise struggle to obtain financing.

VA loans require no down payment or private mortgage insurance. They feature competitive rates and terms and allow qualified borrowers to purchase a home with little to no money out of pocket.


No Money Down

Qualified borrowers can finance 100% of the home's value . . . with a down payment of zero.  Most conventional loans require a 5%, 10%, or 20% down payment.  For a $200,000 home, you would save from $10,000 to $40,000 on the down payment.  With a VA loan, you can purchase a home with $-0- down payment.


No Private Mortgage Insurance

Most conventional and FHA loans require borrowers to pay private monthly mortgage insurance unless they're able to put down at least 20 percent of the purchase price. Private mortgage insurance (PMI) is an insurance policy that reduces the risk to lenders in case the buyer defaults on the loan.  

There is no PMI with a VA loan!  This is because the federal government backs all VA loans and assumes the risk on behalf of the borrower that is typically covered by the PMI.  This allows you to build more equity in your home and can save you thousands of dollars over the life of your mortgage.  For a $200,000 home, your savings on your mortgage payment would be approximately $155.00 per month.

Competitive Interest Rates

VA loans typically can offer 0.5% to 1% lower Interest rates.  Because these loans are guaranteed by the government, and the risk to lenders is significantly reduced, they can offer more favorable interest rates.  The savings to you monthly, and for the life of the loan, can be significant with even a 0.5% reduction in the interest rate.

 Use our Mortgage Calculator to see what your monthly payment would be at different interest rates.


Who is Eligible?

You may be eligible for a VA home loan if you (1) have served 90 consecutive days of active service during wartime, (2) you have served 181 days of active service during peacetime, (3) you have more than 6 years of service in the National Guard or Reserves, or (4) you are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.

Contact us to be connected with an expert who can answer all your questions about the benefits of the VA Loan.  Or, complete and submit the form below and we will be in touch with you at our first opportunity.


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