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.
Advantages for Military Homebuyers
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.
VA Loan vs. Traditional MortgagesMilitary homebuyers have access to one of the most unique and powerful loan programs ever created. See how the VA Loan compares to a traditional home mortgage:
|VA Loans||Conventional Loans|
| 0% Down(for qualified borrowers)VA Loans are among the last 0% down home loans available on the market today.
||Up to 20% DownConventional loans generally require down payments that can reach up to 20% to secure a home loan, pushing them out of reach for many homebuyers.
| No PMISince VA Loans are government backed, banks do not require you to buy Private Mortgage Insurance.
||PMI RequiredPrivate Mortgage Insurance is a requirement for borrowers who finance more than 80% of their home’s value, tacking on additional monthly expenses.
| Competitive Interest RatesThe VA guaranty gives lenders a greater degree of safety and flexibility, which typically means a more competitive rate than non-VA loans.
||Increased Risk for LendersWithout government backing, banks are taking on more risk which, in turn, can result in a less-competitive interest rate on your home loan.
| Easier to QualifyBecause the loan is backed by the government, banks assume less risk and have less stringent qualification standards for VA Loans, making them easier to obtain.
||Standard Qualification ProceduresConventional options hold stricter qualification procedures that can put homeownership out of reach for some homebuyers.
There are many Incentive programs established and offered to active and retired Military. These incentives may be found through your lender and even the new construction home builder. Allow me to help you navigate through your new home purchase.