The VA home loan is a great benefit for our military and former military members. The loan offers 100% financing, which is often considered the most valuable benefit of the loan. Here’s a quick look at the home buying benefits available to eligible veterans with the VA loan:
- The VA loan is guaranteed by the Veterans Administration, making it easier for service members to qualify for the loan.
- Interest rates for the VA loan are often lower on average than other loan types.
- Since the VA guarantees the loan, there's no monthly mortgage insurance premium (MIP) requirement. This results in a significant reduction in your monthly payment.
- The credit score requirement is generally a minimum of 600, but some mortgage lenders will consider scores down to 580 with certain restrictions applied.
- The Texas Veterans Land Board (TXVLB) loan program can offer reduced rates compared to a regular VA loan, and if you have a 30% disability rating or greater, you may qualify for a further reduced interest rate.
- The typical seller concession (cash contributions to closing costs) allowed are up to 4%, but can be more in certain instances. Under the right conditions, a veteran can purchase a home with little to no funds required at closing.
- The VA loan is assumable, provided the buyer is also a veteran that’s eligible and planning to use a VA loan. This could give you an advantage when selling your home should interest rates rise to higher levels than the rate you received when you purchased your home.
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Our veterans deserve the best possible home buying service. It's only one way of thanking the men and women that keep our country safe and risking their lives to protect our freedom.
If you are a veteran and planning to purchase a home, I would like to help you find the right home at the right price, with the best possible loan available to you. Contact me for details on current VA home buyer incentives offered when I represent you to purchase a home.
I am honored to help veterans purchase the home they deserve and do what it takes to achieve the best possible outcome.
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