The VA Loan’s unique eligibility and features make it the best option for most military families looking to purchase a home. Packed with money-saving advantages such as no down payment requirement and no private mortgage insurance, the VA Loan also is designed specifically for the unique challenges facing service members and their families.
The VA loans require no down payment or private mortgage insurance. They feature competitive rates and terms and allow for qualified borrowers to purchase a home with little to no money out of pocket. In a tighter lending environment such as today, these benefits have helped the VA loan program become more than ever. According to Veteran’s United VA loan volume has soared in the past five years. The Department of Veterans Affairs guaranteed more than 357,000 mortgages last year with a total value of more than $74 billion. The increasing popularity of this type of loan has stemmed from the loan program’s signature benefits, which include:
- No down-payment
- No private mortgage insurance
- Competitive interest rates
- Lenders take into account the “basic allowance for housing”
- No pre-payment penalty
So if you or a family member has served in the military and are looking to purchase a home or condo make sure to explore VA loan options available to you today.