3 Advantages of a VA Loan

valoanguide-firsttimeFor some veterans, purchasing a home can be a daunting proposition.  With the VA loan program, qualified veterans can purchase a home with no down payment.  It’s our way of saying THANK YOU!

No Down Payment Necessary.

Homebuyers will usually need at least a 5 percent down payment for conventional loans or a 3.5 percent down payment for FHA financing. On a $200,000 loan, that’s $10,000 for conventional borrowers and $7,000 for FHA. For many first-time homebuyers, coming up with that kind of cash up can be challenging. Being able to purchase with $0 down means VA borrowers don’t have to spend years saving to scrape together a big down payment.

Less Stringent Qualifications.

Many first-time homebuyers might not yet have a strong credit history, which can make it more difficult to get approval for a mortgage or qualify for an affordable interest rate. Since the VA Loan is government-backed, VA Loans are easier to qualify for at competitive rates.

Lower Monthly Payments.

Since VA Loans don’t require the added monthly expense of private mortgage insurance (PMI), they tend to leave more money in your pocket each month. In addition, the competitive VA Loan rates can save a typical buyer thousands over the lifespan of the loan.

a92ac3ae863b00657321f2b47df4ff54 The first step to securing any loan is getting pre-approved, where the loan officer determines your financial situation and what you can qualify for, followed by a completed application.

Next it’s important to work with a dedicated and experienced Realtor® who’s dedicated to meeting your specific needs and understands the unique needs of a military serviceman and their family. 

For more information contact me at 712-541-5118.

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