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10 AMAZING VA LOAN BENEFITS

Jasson Farrier

In 2015, there were more than 1 million Veterans using the VA Home Loan program. Many service members don't think they qualify for a VA loan or aren't sure how to pursue one—but that's not true!

Fewer than 12 percent of the country's estimated 24 million veterans are currently using their VA loan benefits. Veterans are eligible for some pretty sweet home loan benefits making it easier than ever to become a homeowner. Here's why new and veteran home buyers alike benefit from this government program.

  1. No down payment is required: VA loans do not require a down payment, whereas FHA loans require a minimum of 3.5%.

  2. No private mortgage insurance (PMI) required: VA loans do not require PMI, whereas FHA loans require it for the life of the loan.

  3. Lower credit score requirements: VA loans typically have lower credit score requirements than FHA loans.

  4. No maximum loan limit: VA loans do not have a maximum loan limit, whereas FHA loans have a maximum of $726,525.

  5. No minimum income requirement: VA loans do not have a minimum income requirement, whereas FHA loans require a minimum income of $31,000.

  6. More lenient debt-to-income ratio requirements: VA loans have more lenient debt-to-income ratio requirements than FHA loans.

  7. Lower interest rates: VA loans often have lower interest rates than FHA loans.

  8. No prepayment penalty: VA loans do not have a prepayment penalty, whereas FHA loans may have one.

  9. Eligibility for veterans: Only veterans, active-duty military, and certain military spouses are eligible for VA loans.

  10. No first-time homebuyer requirement: VA loans do not have a first-time homebuyer requirement, whereas FHA loans do.

There's no doubt that purchasing a home is one of the most significant financial decisions you'll ever make. This is especially true if you're a member of the US military, or if you're a military-related spouse. The VA Loan program was designed to help veterans and their families become homeowners, so it's definitely worth looking into.

As always, you must do the research, so you are armed with the best data possible. Talk to several mortgage professionals and find out if you qualify, based on your specific situation. Connect with me anytime and let's talk about your real estate goals!