How VA Loans Help You Buy a Home

For more than 80 years, Veterans Affairs (VA) home loans have assisted millions of veterans in purchasing their own homes. If you or someone you know has served in the military, it's important to learn about this program and its benefits.

Here are some key things to know about VA loans before buying a home.

Top Benefits of VA Home Loans

VA home loans make it easier for veterans to buy a home, and they're a great perk for those who qualify. According to the Department of Veteran Affairs, some benefits include:

  • Options for No Down Payment: Qualified borrowers can often purchase a home with no down payment. That’s a huge weight lifted when you’re trying to save for a home. The Associated Press says:

“. . . about 90% of VA loans are used to purchase a home with no money down.”

  • Don’t Require Private Mortgage Insurance (PMI): Many other loans with down payments less than 20% require PMI. VA loans do not, so veterans can save on their monthly housing expenses.
  • Limited Closing Costs: When you qualify for a VA home loan, you can only pay certain types of closing costs. As a result, when the time comes to close the deal, you will have more money.

An article from Veterans United sums up how remarkable this loan can be:

“For the vast majority of military borrowers, VA loans represent the most powerful lending program on the market. These flexible, $0-down payment mortgages have helped more than 24 million service members become homeowners since 1944.”

Bottom Line

Having a home is the American Dream. Veterans sacrifice a lot to protect our country, and one way to honor them is to make sure they are aware of VA home loans.

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