Unbeatable Perks that Help Our Veterans Purchase their Dream Home
The VA Loan Program is one of the best mortgage options out there. VA Loans are designed to make homeownership affordable for veterans and active-duty military members. There are millions of veterans and service members that are eligible, but only a few use their benefit. If you qualify for this type of loan, here are a few reasons to take advantage now!
VA Loans are relatively easy to qualify for.
VA Loans are backed and guaranteed by the U.S Government. Because there is less risk involved for the bank, there is a higher chance of loan approval compared to an FHA or Conventional Loan. Additionally, lenders are more flexible regarding an applicant’s credit score.
A Down Payment is not required.
This is a HUGE perk of qualifying for a VA Loan! Usually, with an FHA loan or conventional loan, you will need to pay a minimum of 3.5% - 5%. On a home priced at $300,000, $10,500 to $15,000 would need to be placed down with an FHA or conventional loan. Something to also note, mortgage insurance is not required either with VA Mortgages. If you were to only put down 5% with an FHA Loan, private mortgage insurance would be required. That’s could be an extra $200 a month.
There are no prepayment penalties.
This benefit allows you to pay off your loan early without any prepayment penalty in some cases. With FHA and Conventional loans, a lender may charge you if you pay your mortgage loan off early. The reason why lenders do this is that they would prefer you to pay your loan back slowly, so they have interest revenue. You will not have to deal with this when using a VA Loan and can pay it off early!
The benefits do not expire.
Whether you served 10 or 30 years ago, if eligible you will still be able to utilize your VA Loan. Your eligibility is based on the period you served and the length of service.
We at SI Real Estate Tampa have years of experience working with our veterans and VA Loans. We have a large population of military personnel move to Tampa to work at MacDill Airforce Base. There are numerous neighborhoods and communities for military families to choose from near the base as well as excellent school districts! Who do you know that took advantage of their VA Loan?
~SI Real Estate Tampa