Purchase a home with a VA loan
If you’re a veteran, you may be wondering if a VA loan is the right financing option for you. VA loans are a great option for veterans and offer many benefits.
Benefits of a VA Purchase Loan
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NO DOWN PAYMENT
One of the biggest benefits of a VA Purchase loan is that you can purchase a home with no down payment. That means you can finance 100% of the purchase price of your home. This is a huge benefit for veterans who may not have the money saved for a traditional down payment.
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NO MONTHLY MORTGAGE INSURANCE
With no monthly mortgage insurance on VA loans you can save you a significant amount of money each month. With a traditional loan, you would be required to pay private mortgage insurance (PMI) if you put less than 20% down. VA Purchase loans don’t require PMI, which can save you hundreds of dollars each month.
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COMPETITIVE INTEREST RATES
A VA purchase loan typically offer lower interest rates than other loans. That’s because the VA guarantees a portion of the loan, which protects the lender from losses if you default. As a result, lenders are willing to offer more favorable terms to VA borrowers.
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NO PRE-PAYMENT PENALTY
This means that you can sell your home or refinance your loan at any time without having to pay a penalty for doing so. The lack of a prepayment penalty gives you the flexibility to sell your home or refinance if your financial situation changes, without having to worry about penalties or fees.
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FLEXIBLE CREDIT REQUIREMENTS
Veterans don’t need anything near prefect credit to purchase a home with a VA loan and their requirements are a lot more flexible than conventional mortgages.