vLoan recognizes how much veterans and active-duty members have done for us and our country. You have protected and served our country; now it’s time for us to serve you. VA loans, backed by the U.S. Department of Veterans Affairs, can help make your dreams of homeownership a reality. The VA loan is available exclusively to veterans, active-duty service members and spouses looking to purchase or refinance a home. Let’s look at the VAL loan benefits to see if it is right for you:
No Down Payment
Many different loan programs require a down payment upon the purchase of a home. Saving money for a down payment and building a great credit score can be extremely difficult, but not impossible, for active service members. The advantage of the VA loan for qualified borrowers means you could purchase the home you desire with no down payment.
No Private Mortgage Insurance (PMI)
Private Mortgage Insurance (PMI) is the insurance a homeowner pays protecting the lender in case a borrower defaults on his or her loan. Many other lenders require a borrower to pay private mortgage insurance unless they are able to put down 20% on the home. There is no private mortgage insurance for VA loans because the U.S. Department of Veterans Affairs backs all VA loans and assumes the risk on behalf of the borrower.
The federal government guarantees a portion of your loan will be repaid to the lender if you default on your home, providing more attractive terms for veterans.
Lower Closing Costs
With the VA loan at vLoan, there are limits on closing-cost charges. This makes VA loans more affordable than other traditional loans, leaving you with more money to renovate and furnish your home.
No Prepayment Penalty
You can pay off your home loan at any point without having to worry about pre-payment penalties if you get a VA loan. Hopefully this helps you understand a little more about what VA loans are all about. If you are a veteran, active-duty member or spouse, make sure you reach out and speak to one of our dedicated loan officers to see if the VA loan is the best option for you. Give us a call today at 1-844-77-vLoan.
If you are currently house hunting for your own dream home or looking to refinance, get a free rate quote to estimate your monthly payments and connect with one of our dedicated mortgage advisors. Don’t do mortgages like your parents did. Do it digitally, with vLoan. Follow @vLoanMortgage on Facebook, Twitter or Instagram to keep up to date with our monthly campaign #vLoanLove.