Tuesday, October 8, 2013

Benefits of a VA Loan

A VA loan is a mortgage loan that is available for people who are either veterans or are currently serving in the United States Military/Reserves/National Guard. VA loans can be very beneficial for those who qualify for them. A VA loan can be used to buy a home or to refinance. Requiring no down payment, and offering competitive interest rates, a VA mortgage loan is a great option for many home buyers.

There are a few special qualification standards for VA loans. In order to qualify for a VA loan you must be an active member of the armed forces, a veteran, or the spouse of a veteran.

If you are able to qualify for a VA loan there are multiple benefits. The no down payment requirement for VA loans is a great option for people who don’t have a lot of money saved up. With comparable interest rates to conventional loans, a VA loan will have competitive interest rates. A borrower has the ability to finance their VA funding fee, and there are no mortgage insurance premiums (PMI).

For more information on VA loans please contact a qualified mortgage banker with United Home Loans. Or please call us at (708) 531-8388


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