Why a VA Loan?
Top 5 Benefits of a VA Home Loan
The greatest benefit of a VA Loan is that borrowers can buy a home with a 0% down payment. In 2016, 82% of all VA Loans put down 0%!Private Mortgage Insurance (PMI) is not required! (Most other loans with down payments under 20% require PMI, which adds additional costs to your monthly housing expense!)Credit Score requirements are also lower for VA Home Loans. The average FICO® score of a borrower for an approved VA Loan is 620, compared to 676 (FHA) or 753 (Conventional).There is also a limitation on a veteran buyer’s closing costs. Sellers can pay all of a buyer’s loan-related closing costs and up to 4% in concessions in some cases.Even with interest rates rising, VA Loans continue to have the lowest average interest rates of all loan types.
Who Qualifies for a VA Home Loan?
One of the most important first steps when applying for a VA Home Loan is obtaining your Certificate of Eligibility (COE). “The COE verifies to the lender that you are eligible for a VA-backed loan.”
You Can Apply for a VA Loan if You:
Serve 90 consecutive days during wartimeServe 181 consecutive days during peacetimeHave more than 6 years in the National Guard or ReservesAre the spouse of a service member who has died in the line of duty or as the result of a service-related disability
You Can Use a VA Loan To:
Purchase a HomePurchase a CondoBuild a HomeRefinance an existing home loanMake improvements to a home by installing energy-related features or making energy-efficient improvements
For more information or to find out if you or a loved one would qualify to use the VA Home Loan Benefit, let’s get together! Thank you for your service! https://www.mykcm.com/2018/07/04/va-loans-making-a-home-for-the-brave-possible/