Veterans, active service members, and their families have sacrificed significantly for their country. Recognizing this, the VA home loan program has been developed to offer numerous benefits, some of which have yet to be widely known. So, what makes VA purchase loans an attractive option for veterans and their families?
Dive Deep into the Financial Perks
Zero Down Payment: The primary allure of the VA home loan is its 0% down payment requirement. This means you can finance the entire purchase price of your home, enabling homeownership without the need for substantial savings.
Competitive Interest Rates: VA loans generally offer interest rates that are more favorable than their conventional counterparts. With 30-year VA mortgage rates as low as 3.375% and 15-year rates at 3.250%, it becomes clear why many veterans lean towards this option.
Lifting County Loan Limits: As of January 2020, the VA removed county loan limit restrictions. This monumental shift means that eligible borrowers with a stable income could potentially access a VA loan up to a whopping $2 million.
Guaranteed, Not Given
While the U.S. government does not directly issue VA home loans, they carry its guarantee. This assurance is a significant reason why lenders are more than willing to offer favorable terms, such as 0% down and competitive interest rates, as well as refinancing opportunities that can help decrease monthly payments.
The Array of Other Benefits
Waived Funding Fees: Disabled veterans and their surviving spouses could have their funding fees waived, reducing the overall cost of their mortgage. With just a 10% disability rating (often equivalent to receiving a minimum of $130/month in disability), you may qualify for this waiver.
Property Flexibility: With a VA home loan, you’re not limited to purchasing only single-family residences. It offers the flexibility to invest in duplexes, triplexes, or even four-plexes, provided you plan to reside in one of the units.
Eligibility and Lifelong Validity
Once you establish eligibility for a VA loan, it’s a benefit that stays strong with time. Whether you’re an active service member, veteran, or a surviving spouse who hasn’t remarried, this program has something to offer. The VA home loan program is a testament to gratitude, providing lasting benefits to those who’ve dedicated their lives to service.
VA purchase loans are more than just a pathway to homeownership; they symbolize a nation’s gratitude. With abundant benefits tailored specifically for those who’ve served, this program ensures our heroes have a comforting abode to return to.
Take advantage of these advantages if you’re a veteran or a surviving spouse. Explore VA purchase loans today and step closer to your dream home.
