What Are The Benefits of VA Loan?

VA Loans

What Are The Benefits of VA Loan?

There are countless benefits of VA loans. They are a perfect option to use VA’s benefits for eligible currently serving military members, certain surviving spouses of military members who have died on active duty (or as a result of active duty) and veterans. 

Today we will discuss a few attractive benefits of VA Loans.

Zero Down Payment VA Home Loans

VA mortgages demand no down payment in most cases. When it comes to home loans, Zero down is a huge advantage, mainly for lower-ranking junior enlisted personnel.

No VA Loan Funding Fee For Qualifying Service Members

Borrowers currently receiving or eligible to receive VA service-related disability compensation may be eligible for an exemption from the funding fee.

As of January 1, 2020, Purple Heart receivers who are on active duty also qualify for a VA loan funding fee waiver if they are able to submit proof of the award before loan closing time.

Borrowers Benefit From Making A Down Payment On A VA Mortgage

If you are applying for a VA loan and are also willing to make a down payment, the down payment will lower the amount of that fee.

You will be eligible for a lower VA loan funding fee by paying 5% or 10% down. If you choose to make a down payment voluntarily, it can lower the overall cost of your loan over time.

Check your eligibility for a VA Loan.

No VA Loan Limits

Starting in 2020, the VA announced the removal of the VA loan limit for VA-backed mortgages. This allows VA borrowers more buying power, including the option to apply for a so-called Jumbo Loan, which tops the Fannie/Freddie conforming limit for that housing market.

As per the VA official site, those with full VA loan entitlement, “may now obtain no-down-payment VA-guaranteed home loans in all areas of the country, regardless of housing prices”.

If you are a Veteran in need of VA Home Loan – Apply here!

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