We provide you with guidance to navigate the VA loan options.
If you are looking to purchase a home with no down payment, one thing to consider is VA loan options. The VA home loan program is available to active service members, veterans, and certain military spouses. The program began in 1944 to assist returning military personnel with getting into a home despite the likelihood of having no credit history during their tour of duty as well as down payment challenges. To date, there have been more than 25 million families assisted through various VA loan options.
While VA loans aren’t more complicated than any other type of home loan, it is advisable to work with a professional who can provide you with guidance to navigate the VA loan options as you purchase, refinance, or improve a home in the Huntersville, North Carolina area. At Mortgages by Scott, we want you to get the most from this justly earned benefit, so we are here to help with determining your eligibility and to answer any questions you might have.
You don’t have to go the route of VA loan options just because you are a veteran, but it is definitely worth looking into because of four key benefits:
- No down payment required – You can still put money down if you choose, though. There is a VA funding fee, but that can be rolled into the loan amount, if necessary.
- No PMI required – Private Mortgage Insurance is required on all other types of mortgage loans where you are not putting down at least 20 percent.
- Better interest rates – While those with the highest credit scores can also get low rates, you will have access to those lower rates without needing the high credit score. Better interest rates equate to a lower monthly payment.
- Underwriting guidelines are less strict – If you’ve had difficultly qualifying for a conventional mortgage, you may find can get approved for one of the VA loan options.
Another thing to know is that VA loans are not just for home purchase. There are also VA loan options for refinancing a current VA loan, a cash-out refinance to pull cash from your home’s equity whether or not you used a VA loan to purchase it, and a loan to make your home more energy efficient. Reach out to us today if you would like to learn more about VA loan options.