How VA Loans Can Help You Buy a Home

How VA Loans Can Help You Buy a Home

For more than 80 years, Veterans Affairs (VA) home loans have enabled millions of veterans to purchase their own homes. If you or someone you know has served in the military, it's crucial to understand this program and its benefits.

Here are some essential points to know about VA loans before buying a home.

Top Benefits of VA Home Loans

VA home loans simplify the home-buying process for veterans and offer substantial perks for those who qualify. According to the Department of Veterans Affairs, some of the benefits include:

• Options for No Down Payment: Qualified borrowers can often purchase a home with no down payment. That’s a huge weight lifted when you’re trying to save for a home. The Associated Press says:

“. . . about 90% of VA loans are used to purchase a home with no money down.”

• Don’t Require Private Mortgage Insurance (PMI): Many other loans with down payments under 20% require PMI. VA loans do not, which means veterans can save on their monthly housing costs.
• Limited Closing Costs: There are limits on the types of closing costs you pay when you qualify for a VA home loan. So, more money stays in your pocket when it’s time to seal the deal.

An article from Veterans United sums up how remarkable this loan can be:

“For the vast majority of military borrowers, VA loans represent the most powerful lending program on the market. These flexible, $0-down payment mortgages have helped more than 24 million service members become homeowners since 1944.”

Bottom Line

Owning a home is a key part of the American Dream. Veterans sacrifice much to protect our country, and one way to honor them is by ensuring they are aware of VA home loans.