A VA loan is backed by the U.S. Department of Veterans Affairs and offers several benefits that can help make homeownership more affordable and accessible to military service members, veterans and eligible surviving spouses. Here are 4 benefits to getting a VA loan!
As little as 0% down-payment required.
One of the most significant benefits of a VA loan is that you may be able to purchase a home with no down-payment. This can be a huge advantage to veteran first-time homebuyers and their families! You’ll still have to have cash saved up to cover closing costs, inspections and other fees, but financing up to 100% of the purchase price of the home can make homeownership a lot more attainable.
No private mortgage insurance.
Traditionally, if you put less than 20% down you’re required to pay for private mortgage insurance (PMI) on a conventional loan. However, with a VA loan, there’s no PMI requirement which can save you hundreds of dollars each month!
Please note, VA loans do require a VA funding fee, which can be paid upfront at closing or rolled into your loan amount.
Flexible credit score requirements.
VA loans often have more flexible credit score requirements than traditional mortgages, making it a significant advantage for veterans with less-than-perfect credit. While you’ll still need to meet certain credit requirements to qualify, they are often much more forgiving.
With financing up to 100% of the home’s value, no private mortgage insurance and more flexible credit score requirements, VA loans offer a range of benefits for eligible borrowers looking to purchase a home!
To learn more about VA loans, reach out to your Pulte Mortgage Loan Consultant.
