The VA Home Loans Program is one of the most valuable benefits that Veterans have earned. This program offers numerous benefits, including no down payment, mortgage insurance, and flexible guidelines. The details below talk about the benefits of the VA Home Loans Program.
If you are a Veteran or active duty military personnel, you should look for VA loan lenders and use this program to purchase your next home. Here’s why:
The Program Offers Veterans Zero-Down Financing
This is an incredible benefit, as it allows Veterans to purchase a home without having to save for a down payment. In addition, no Private Mortgage Insurance (PMI) is required with a VA loan, further reducing costs.
Active duty military personnel and Veterans can get pre-qualified for a VA loan through Veterans United Home Loans. The loans aren’t limited to first-time homebuyers, so you may still be eligible for this benefit even if you’ve owned a home before.
VA Home Loans Have Flexible Credit Guidelines
One of the great things about the VA Home Loans Program is that it offers more flexibility regarding credit guidelines than other loan programs. It means that even if you have less-than-perfect credit, you may still be able to qualify for a VA loan. Of course, the better your credit score is, the more favorable terms you’ll be offered. But if you have any questions about whether or not your credit will disqualify you from getting a VA loan, Veterans United’s team of experts can help.
VA Home Loans Offer Competitive Interest Rates
VA home loan interest rates are highly competitive compared to other loan programs. Veterans United’s data shows that the average interest rate for a 30-year fixed-rate VA loan was about 0.25% lower than the national average for conventional loans in November 2020.
It can result in considerable savings over the life of your loan, especially if you plan on staying in your home for a long time. Veterans United offers a free rate tool to help you compare interest rates and estimate your monthly payments if you’re interested in taking advantage of this benefit.
You Can Use a VA Loan to Refinance Your Home
If you already have a VA loan and are looking to lower your interest rate or monthly payment, you may be able to do so through a VA streamline refinance. This type of refinancing is one of the quickest and easiest ways to get approved for a new loan, as it doesn’t require an appraisal or a credit check.
From the details above, it’s clear that the VA Home Loans Program offers several significant benefits to Veterans. If you’re thinking about buying a home, be sure to check out Veterans United Home Loans and take advantage of everything this program has to offer. Consult with a loan expert to see if you’re eligible and learn more about the process.