Why a VA Loan?
Many veterans find that the advantages of a VA significantly outweigh other loan programs when they are searching for favorable financing options. Listed below are some of the reasons why many veterans find this type of loan to be the key to financing or refinancing their new or current home:
Although many young veterans are using VA loans to help purchase their first home, it is not limited to first-time homebuyers. Veterans can use a this type of loan to help upgrade to a new home or to simply refinance their current home. A veteran can only have one VA loan at a time. The diverse ways in which veterans use this type of home loan make it a very popular home loan for many types of people and their different situations.
Government Guarantee Provides Added Protection to VA Home Loan Applicants
A VA loan is a government-guaranteed loan. This guarantee allows lenders to offer more favorable financing terms and the flexibility of negotiating lower interest rates. There is also a limit on a borrower's closing costs in order to protect the borrower from enduring any excess fees or expenses protect and limit the out-of-pocket expenses a borrower endures.
Many veterans find that the advantages of a VA significantly outweigh other loan programs when they are searching for favorable financing options. Listed below are some of the reasons why many veterans find this type of loan to be the key to financing or refinancing their new or current home:
- When purchasing no down payment is required in most cases.
- Up to 100% financing may be available to qualified veterans wishing to refinance.
- Current maximum loan amount is $417,000 ($625,000 for loans in Hawaii, Alaska, Guam and U.S. Virgin Islands).
- No monthly mortgage insurance premium.
- There are 15 and 30 year-terms to choose from.
- No prepayment penalties.
Although many young veterans are using VA loans to help purchase their first home, it is not limited to first-time homebuyers. Veterans can use a this type of loan to help upgrade to a new home or to simply refinance their current home. A veteran can only have one VA loan at a time. The diverse ways in which veterans use this type of home loan make it a very popular home loan for many types of people and their different situations.
Government Guarantee Provides Added Protection to VA Home Loan Applicants
A VA loan is a government-guaranteed loan. This guarantee allows lenders to offer more favorable financing terms and the flexibility of negotiating lower interest rates. There is also a limit on a borrower's closing costs in order to protect the borrower from enduring any excess fees or expenses protect and limit the out-of-pocket expenses a borrower endures.
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