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What are the Benefits of a VA Home Loan?

Why use a VA Home Loan? What are the benefits behind it?

There are numerous reasons to use a VA Home Loan instead of, say, a traditional mortgage. Some of the best and most stellar examples, though, would include:

  • Down payments are often not required, due to the backing provided by the VA.
  • Credit score requirements may be avoided or reduced based on VA-backing (the VA itself won’t require a credit score, but the private lender may).
  • Closing costs may be assumed by the seller.
  • Home Loan Guaranty eligibility can be re-used under certain circumstances.
  • VA Regional Loan Centers have loan counselors who can help you or advise you if you’re in the market or exploring options in the future.
  • Also – the VA’s Interest Rate Reduction Refinance Loans (IRRRL) program can help qualifying veterans and servicemembers refinance existing loans with relative ease.

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