The Benefits of VA Home Loans
What are the benefits of using a VA home loan to purchase or refinance a home?
VA home loans are very attractive for many reasons. They can be used to both buy homes and refinance them. They are guaranteed by the US government, and are one of the best VA benefits available to members of the services and their families.
Unfortunately, VA loans have remained seriously underestimated and underutilized for many years. So what makes them so great and powerful for those buying and refinancing houses, townhouses, and condos today?
VA loans are one of the few 100% financing, or ‘no down payment’ mortgage loans left on the market. This makes them highly desirable, and especially beneficial for first time home buyers.
While mortgage markets have changed substantially, VA loans, like FHA mortgages have long stood out as some of the easiest to qualify for. Lenders and those backing Veterans Administration financing want to see these loans made, and have designed them to be far more flexible and lenient than other times of loan programs.
VA loans have been one of the very few types of mortgages which are assumable. This means the same great rates and terms can potentially be passed on to future buyers, while making it easier to sell homes with VA loans in a pinch.
Better Mortgage Interest Rates
As VA home loans are designed to be a form of benefit for veterans and families of veterans they typically come with lower interest rates and better terms.
Not all lenders are authorized to offer them, or understand them. Still, with such great benefits and advantages it is definitely worth investigating if you qualify for a VA home loan, and seeing if you can get one if you are eligible.