Listing some of the many benefits of VA loans that veterans can use.
If you are serving or have served in the military, you most likely have access to a type of mortgage called a VA loan. There are many benefits to this type of mortgage, so I’m here to talk about those today.
The first benefit is that no down payment is required. You will need about $2,000 to $3,000 of your own money for upfront costs like earnest money and home inspections, but in some cases, veterans end up getting their earnest money back at closing because it just isn’t needed in the transaction.
In addition, interest rates are normally 0.5% lower on VA loans, with no strings attached. Plus, closing costs are lower and you don’t have to pay private mortgage insurance (PMI). PMI protects the lender in case their client defaults on the loan, but it doesn’t get added to VA loans, which can save you hundreds of dollars each month.
If you have any questions, please reach out. Also, if you’re wondering if you qualify for a VA mortgage, I can connect you with my preferred lender. Call or email me anytime and I would be happy to work with you.