July 4 2018
Top 5 Benefits of a VA Home Loan
The greatest benefit of a VA Loan is that borrowers can buy a home with a 0% down payment. In 2016, 82% of all VA Loans put down 0%!
• Primary Mortgage Insurance (PMI) is not required! (Most other loans with down payments under 20% require PMI)
•There is also a limitation on a veteran buyer’s closing costs.Sellers can pay all of a buyer’s loan-related closing costs and up to 4% in concessions in some cases.
Who Qualifies for a VA Home Loan?
One of the most important first steps when applying for a VA Home Loan is obtaining your Certificate of Eligibility (COE). “The COE verifies that you are eligible for a VA-backed loan.”
You Can Apply for a VA Loan if You:
•Serve 90 consecutive days during wartime
•Serve 181 consecutive days during peacetime
•Have more than 6 years in the National Guard or Reserves
•Are the spouse of a service member who has died in the line of duty or as the result of a service-related disability.
For more information or to find out if you or a loved one would qualify to use the VA Home Loan, give me a call!
