Advantages for Military Homebuyers
The VA Loan has many advantages that make it one of the most appealing paths to homeownership — and this great benefit is reserved exclusively to those who bravely served our country and select military spouses.
When combined, the benefits of the VA mortgage allow service members and Veterans to take advantage of substantial cost savings under qualification requirements designed specifically for members of the military and their unique needs.
Can I Qualify for a VA Home Loan?
- You have served 90 consecutive days of active service during wartime, OR
- You have served 181 days of active service during peacetime, OR
- You have more than 6 years of service in the National Guard or Reserves, OR
- You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
If you answered “yes” to any of these questions, chances are that you qualify for a VA loan. Contact one of our home purchase experts at 888-435-7070 or apply online.
Why Should I Get A VA Loan?
VA loans are fully backed by the government, and offer a variety of advantages for your home purchase or mortgage refinance. Here are some advantages of VA Loans:
- No Money Down
With a VA home loan, you don’t have to include a down payment if you can’t afford to, unlike conventional loans which typically require at least 10-20% down.
- No Private Mortgage Insurance (PMI)
Typically, private mortgage insurance normally adds 0.2-0.9% of expenses to your monthly mortgage payments when you put less than 20% down. With a VA loan, you’re not required to have PMI, saving you more money on your home loan.
- Fewer Restrictions
As we mentioned above, VA loans come with fewer restrictions, making it easier for you to qualify for one. With a VA loan, you’re allowed a higher debt-to-income ratio and have more leniency with your credit score.
- Easy Refinance
Due to the VA Streamline Refinance program you are able to refinance your VA loan to a lower rate with less funding fees than a regular refinance.