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3 Advantages of VA Loans

In support of the work the military does, the government provides special loans for veterans. Together, these benefits make buying a home affordable. Once a veteran qualifies for a VA loan, three of the greatest advantages they can receive include:

  1. Not having to make a down payment. This is the greatest benefit of VA loans. Making a down payment is the most challenging aspect of the home buying process. While people have to continually be paying other expenses like schooling, rent, or retirement, saving money for a down payment is hard. After qualifying for this advantage, a veteran can buy a home of up to $417,000 without having to make a down payment. The price is even higher in more expensive areas in the U.S. Last year, close to 90% of veteran homebuyers did not have to make a down payment.
  2. Not having to pay for mortgage insurance. If a homebuyer cannot pay the 20% down payment, most have to pay for extra mortgage insurance. And even if they do make the down payment, there is still a mortgage insurance fee that is added to the monthly payments. For a veteran, the loans have a fee required at the beginning of the process. For veterans with a disability that occurred while they were in service, there is no insurance fee or upfront fee.
  3. A limit to the closing costs. When finishing the process of purchasing a home, there are always additional fees. These fees are a part of the loan and lender process. Generally, they come to two or three percent of the loan amount. A veteran is only required to pay certain closing cost fees.

These three advantages cut down on the amount of money a veteran needs to be able to afford purchasing a home. The government seeks to help by making buying a home more of a reality for veterans. The loan requirements will be more flexible and more forgiving, trying to give back to veterans after all they have given to this country.

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