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Should I Get My Mortgage Through The VA If I Am A Veteran?

By Ann White

Overlooked and underutilized the VA benefits are often left untouched. If you are a veteran, you should tap into the benefits you have earned to help you with your mortgage.

You have served your country. There are many benefits that you have earned, as the country’s way of thanking you. No matter if you are a first time home buyer or a repeat home buyer, you owe it to yourself to use the VA mortgage services to assist you in your purchase. There are great services that are sadly rarely used, in 2005 less than 200,000 people used the VA services that were available to them. Look at the benefits you could take advantage of.

No Down Payment

For mortgages up to $729,000 there is no down payment required. This is not a financial trick of using a second mortgage to make a down payment. This is a no down payment option. Conventional mortgages cannot begin to offer that kind of assistance.

No PMI

When a mortgage is made of more than 80% of the house’s value, conventional lenders require private mortgage insurance to be purchased. VA loans require a funding fee, which is far less than the PMI rates. This saves a great deal of money in the long run, if you have taken the no money down option. The VA funding fee is a fee charged that protects the VA, in case the loan is defaulted on.

Looser Lending Requirements

As the credit crunch continues, people find themselves in trouble because of their debt to income ratio or borrower’s income. VA loans are not as strict as the conventional lenders. This means that veterans have an easier time qualifying for loans.

If you are a Veteran, you should take advantage of the benefits that you have earned. Using the VA loans can save you thousands of dollars when you purchase your home. It is almost impossible to beat VA mortgage loans through any conventional lender. Take advantage of the rewards that you have so rightfully earned.

Related posts:

1. If I Am A Veteran, Is A VA Mortgage Rate A Good Deal?
2. How Do Conventional Home Loans Compare To FHA Loans?
3. Are Conventional Mortgage Rates Better Than Va Rates?
4. Does My Debt To Income Ratio Affect My Mortgage Rate?
5. If I Am A Veteran, Is A Va Mortgage My Best Bet?