- No down payment: VA loans allow eligible borrowers to purchase a home with no down payment. This can be a significant advantage for those who may not have a large sum of money saved up for a down payment.
- Lower interest rates: VA loans often have lower interest rates than traditional mortgages. This can save borrowers thousands of dollars over the life of their loan.
- No private mortgage insurance: Unlike other types of loans, VA loans do not require private mortgage insurance (PMI). This can save borrowers hundreds of dollars each month.
- Flexible credit requirements: VA loans have more lenient credit requirements than other types of loans. This can be beneficial for borrowers with less-than-perfect credit.
- Assumable loans: VA loans are assumable, which means that if you sell your home, the buyer can assume your existing VA loan. This can be a valuable selling point for your home.
- Closing cost assistance: The VA limits the amount that lenders can charge for closing costs, and in some cases, sellers can pay for all of a borrower’s closing costs. This can save borrowers thousands of dollars at closing.
Overall, VA loans can be an excellent option for eligible borrowers who want to purchase a home with little to no money down and save money on interest rates and closing costs.
Let us know if you need a great lender to help you see how this program can work for you!