As a Veteran, your VA home loan benefit could be one of the most powerful ways you have to build a secure financial future for yourself and your family. Here are the top ten ways you can use the benefit to build your financial security:
1. Once you're eligible, your VA home loan benefit never expires.
Even if you never used your VA home loan benefit before, you can use it at any time. VA home loan benefits never expire. Only 13% of veterans nationwide have used their VA home loan benefit but 80% of veterans are homeowners.
2. You can buy a home with a VA mortgage with no money down.
Think of what you could afford to do to improve your home or how you could use the cash you’ll save with no down payment required.
3. You don't have to pay mortgage insurance with a VA home loan.
Many conventional mortgages require you to pay mortgage insurance which ranges from .45% to over 1% of the balance owed on the mortgage. There’s no mortgage insurance for a VA home loan.
4. VA home mortgage rates are lower than conventional loans.
VA home loan rates are usually at least .25% lower than conventional loans of the same amount.
5. You can use your VA loan benefit multiple times.
VA home loans are meant for your primary residence so you can’t use the loan twice at the same time — like buying a vacation home. If you sell your home and move or you’ve paid off your first VA home mortgage, you are eligible for the VA home mortgage again.
6. You can work with a local VA Mortgage lender, one with the Certified Veteran Loan Specialist designation.