Veterans and Servicemembers looking to purchase or refinance a house with VA loan can take advantage of historically low mortgage rates. Moreover, there are plenty of houses on the market with reduced prices that makes homeownership affordable.
VA home loans have considerable benefits, such as competitive VA loan mortgage rates and repayment programs. Though some conventional loans advertise offering the lowest mortgage rates, the requirement is a minimum credit score of 720 to qualify for these. Some of the benefits of VA loans over conventional loans are:
- VA loan limits are not completely based on low credit scores. For VA loans, usually a statement of the previous 12 months of credit history is all that is required, except in previous cases of bankruptcy or a tax lien.
- VA loans do not require a down payment. This adds up to 20% of savings on the loan amount when compared to conventional loans.
- Veterans can very often opt to refinance with lower VA loan rates without having to reinstate the used up portion within the eligibility limit.
- Veterans with service related disabilities are eligible for a waiver on VA loan funding fees. This reduces closing costs.
- Because the VA guarantees the loan, veterans do not pay private mortgage insurance.
- Veterans have the right to pay off the loan before it’s due without incurring a pre-payment penalty.
- The VA gives assistance to veterans who find it difficult to repay the mortgage amount due to temporary financial difficulties.
The first step to getting a VA loan is to obtain your Certificate of Eligibility. VA Loan Captain can help you get your VA loan to buy your dream home at reasonable VA loan mortgage rates and with no down payments. We also help you to refinance your existing VA loans. To learn more, please visit www.valoancaptain.com.