VA Home Loans
VA home loans offer eligible borrowers advantages that don’t typically exist with other conventional loans. The VA home loan is designed to help veterans and other eligible borrowers obtain a home mortgage.
How Can You Benefit From A VA Home Loan?
- No down payment is required
- Some closing costs are limited by the VA
- There is no mandatory private mortgage insurance requirement
- There is no penalty for early repayment of a VA home loan
- Mortgage counseling is available for free to help determine alternatives to foreclosure if a borrower needs assistance
Most non-VA home loans require a costly monthly mortgage insurance policy for borrowers who don’t have at least 20% equity or greater invested into their homes. A government-backed mortgage never requires a borrower to pay private mortgage insurance premiums (PMI). Many veterans are spared from additional costs as a result of these VA loan benefits.