For over 78 years, Veterans Affairs (VA) home loans have provided millions of veterans with the opportunity to purchase homes of their own. If you or a loved one have served, it’s important to understand this program and its benefits.
Here are some things you should know about VA loans before you start the homebuying process.
Servicemembers, Veterans, and eligible surviving spouses become
homeowners. As part of our mission to serve you, we provide a home loan
guaranty benefit and other housing-related programs to help you buy,
build, repair, retain, or adapt a home for your own personal occupancy.”
Top Benefits of the VA Home Loan Program
In addition to helping eligible buyers achieve their homeownership
dreams, VA loans have several other great benefits for buyers who
qualify. According to the Department of Veteran Affairs:
Qualified borrowers can often purchase a home with no down payment.
Many other loans with down payments under 20% require Private Mortgage Insurance (PMI). VA Loans do not require PMI, which means veterans can save on their monthly housing costs.
VA-Backed Loans often offer competitive terms and mortgage interest rates.
A recent article from Veterans United sums up just how impactful this loan option can be:
“For the vast majority of military borrowers, VA loans represent the most powerful lending program on the market. These flexible, $0-down payment mortgages have helped more than 24 million service members become homeowners since 1944.”
John Bell, Acting Executive Director of the Department of Veterans Affairs Loan Guaranty Service, also explains why this program is so powerful:
“It provides early
ownership for many people that would not have that opportunity to begin
with. Since there’s no down payment, it allows people to hold their
wealth and it gives them the ability to have long term financial
security by being able to own a house and let that equity grow.”
Homeownership is the American Dream.
Our veterans sacrifice so much in service of our nation, and one way we
can honor and thank them is to ensure they have the best information
about the benefits of VA home loans. Thank you for your service.