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Some of the Benefits of VA Loans

There are over 21 million service members and veterans in the US today, but only 6% of them have gotten VA Loans. Many don’t know the advantages, and some think that the process is tedious. Finally, some mortgage lenders don’t tell veterans about the program. Below are several important facts about Veterans Affair Loans and their benefits.

No Mortgage Insurance Requirement & No Down Payment

These are some of the biggest benefits of a VA loan. While most programs, such as conventional and FHA loans, require a down payment of at least 3.5%, there’s no such requirement here. With VA lending, a veteran can buy a home right away, rather than waiting years to save up a down payment. These loans allow borrowers to avoid high mortgage insurance fees, which allows them to afford a nicer home. With a VA loan, buyers save money upfront and increase their purchase power.

Benefits are Reusable

VA home loan benefits aren’t a one-time-only deal, and veterans can use them as many times as they choose. When a veteran sells their home and pays off the loan, they can get another loan for a different home. Eligible service members and veterans can also get a one-time benefit where they pay the loan but keep the home.

The Benefit Doesn’t Expire

Once a person becomes eligible for a VA loan, they’re eligible for life. Qualification is based on the time served, and the period in which the service occurred. Veterans can check their eligibility by obtaining their DD-214 form. With this document, a VA lender can ask for an eligibility certificate. Even if a veteran served a long time ago, they may still be able to get a VA loan.

Surviving Spouses
Are Typically Eligible

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In many cases, spouses of fallen veterans can buy homes with no down payment and no requirement for mortgage insurance. Furthermore, the funding fee is waived. While there’s no way to repay these spouses for their sacrifices, these benefits can help them move on after a tragic event.

Borrowers can Refinance, Buy, or Tap Into Their Home Equity

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VA Loans aren’t just for home purchases; they can be used to refinance existing mortgages, whether or not they came from the VA. A homeowner with a VA loan can drop their interest rate and monthly payment without bank statements, W-2 forms, or an appraisal. With a VA streamline refinance, borrowers get a faster, less expensive way to access a lower refinancing rate. A VA cash-out loan can be used to turn home equity into spendable cash, and in many cases, the loan amount can be 100% of the value of the home.

Lenient Credit
Guidelines

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Unlike some conventional loan programs, low credit scores, foreclosures, and bankruptcies don’t necessarily disqualify a person from getting a VA loan. Borrowers should shop around because each lender has its own requirements, but the VA doesn’t have a minimum credit score. This gives lenders the ability to approve loans for those with poor credit. Furthermore, the VA considers a veteran’s credit to be re-established when they have two years of good credit usage after a bankruptcy or foreclosure.

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Funding Fees Can Be Waived

The VA usually assesses a funding fee that defrays the program’s cost and keeps it sustainable. This fee can range from .5-3.3% of the total loan amount, depending on the veteran’s service history and the type of loan. However, disabled vets can get the fee waived.

It’s Possible to Purchase a Condo

Veterans can buy various property types with VA Loans in Madison WI, including single-family homes, multiplexes of four units or less, and manufactured homes. However, condominiums are often overlooked. They’re great starter homes, and they often come at a lower price point than single-family houses. Veterans and service members should consider all these home types when beginning their search.

There Are Many Reasons to Consider VA Lending

The facts listed here are just some of the advantages of VA lending, and there are many more benefits to consider. Veterans and service members have earned these benefits, and they should use them if possible. While it’s impossible to repay the debt the country owes to its veterans, the VA lending program is a token of gratitude for their dedication and service.

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