Home Loan Benefits for Veterans

With a VA home loan, service members can borrow money from a civilian lending source, such as a bank, credit union or mortgage company. These loans differ from conventional loans in that:

 

1. The VA guarantees the lending  source payment of the loan, if you  default

2. The fees you have to pay at closing are reduce

3. The amount of your down payment is often reduced

4. You may be able to qualify to borrow more money, enabling you to buy a larger home

5. You may qualify for a lower interest rate

6. You don’t have to buy private mortgage insurance

 

Besides purchasing a home, condominium, town house, you can also use a VA home loan to:

 

1. Refinance a current VA home loan for a lower interest rate or to take out equity

2. Build a new home

3. Remodel, or repair an existing home

 

For more information about mortgage loan for Military veterans click here.