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. 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 us below or at 708-531-8388.