1. No Down Payment
When you purchase a new home, you are required to come up with a certain amount of money for the down payment. This can range depending on the total price of the home and can often be an expense that is quite costly. Many families have to save up for years to afford a new home’s down payment. But with a VA home loan, that down payment is waived in the majority of cases. This means a veteran can become a homeowner with no money down, allowing them to have a piece of the American Dream a lot easier. It’s the only loan available today with no down payment!
2. Lower Interest Rates
Another benefit of this loan is that the borrower usually gets a lower interest rate than what’s ordinarily available with other types of loans. This translates to lower monthly payments and the borrower will be able to pay down the amount of their loan a lot faster than others with a higher interest rate.
3. No Private Mortgage Insurance (PMI)
As a result of the housing recession that happened some years ago, banks are now insuring themselves in case anything like that happens again with the addition of private mortgage insurance, which is an added fee to loans that don’t have the needed 20% down payment of the appraised value of the home. This insurance protects the lender if you ever default on your monthly payments. Since military men and women don’t need a down payment, they are not required to have PMI and this results in lower monthly mortgage payments.
To give back to these brave men and women, the US government offers a special VA loan, which is a great opportunity to afford the American Dream and be a homeowner. VA home loans are exclusive to those who bravely served our country and are available to those who have served our country and offer a number of advantages. Here are some of those benefits.
I just want to say how thankful I am with American Hero Mortgage and Morris Newman his dedication changed my life. There’s nothing more profitable to your finances than your house. It’s the largest tax shelter working class citizens have. Mr. Newman fought diligently for my loan, my house and closing. If you’re a veteran, firefighter or just a plain old Jane call him and start the process, and put someone on your team that has knowledge class and experience. I’m writing this post sitting in my new house wow. Seven weeks ago I was in Miami now I’m in Coral Springs. Thank father in heaven
Veteran & Firefighter for Miami Dade Fire Rescue