This week we have had the opportunity to honor our Veterans. Thank you to all of those who have served our country. And if you’re a veteran, thank you so much for your service.
As a veteran or a surviving spouse of a veteran, you have access to an amazing home loan: the VA loan. The VA loan is a mortgage backed by the VA and is designed to help veterans become homeowners, and it has several amazing benefits.
1. There’s no down payment. VA loans do not require you to put any money down to get into a house. But it gets even better.
2. No mortgage insurance is required. Typically, you have to pay PMI if you put down less than 20%. But with the VA loan, you can put down $0 and not have to pay PMI. That can save a ton of money each month.
3. There are fewer closing costs. Buyers usually end up paying very expensive closing costs at the end of the transaction, and those are often wrapped into the monthly mortgage payment. But with the VA loan, your closing costs are lower, again saving you money.
If you’re eligible, the VA loan is one of the best loans you can have to get into a home quickly and cheaply. It has benefits that will allow you to afford a home and make a wise financial investment that will benefit you and your family for years to come.
Have any questions about the VA loan? Just reach out and I’d be happy to help you!