VA loans have many benefits for borrowers who are eligible. Here are the reasons you should choose a VA loan.

1. The Many Ways A VA Loan Can
Help You
by VeteransHomeFinancing.com

2. Consumers have multiple mortgage programs available today when financing a
home. Some programs, such as VA home loans, are backed by the U.S.
government and are available to a specific group of people. Active military and
veterans have the advantage of using a VA loan which offers specific benefits for
borrowers. Those who are eligible will find that a VA loan can help them in their
goal to attain successful homeownership both at the onset and into the future.

3. U.S. Government Guarantee
A VA loan is offered by the Department of Veterans Affairs and is backed by the
U.S. Government. The benefits of a VA loan are many, but include low mortgage
rates that are competitive amongst lenders and unique underwriting guidelines.

4. No Down Payment Required
While the majority of mortgage programs require at least a small down payment,
the VA loan program will allow the borrower to finance up to 100% of the purchase
price.

5. No Mortgage Insurance
Even though a VA loan allows for 100% financing, there is no need for mortgage
insurance. This makes a VA loan much more affordable throughout the term of
the mortgage.

6. No Prepayment Penalty
There are no restrictions or time tables to keep regarding penalties with a VA loan.
A borrower may sell their home or refinance at any time they wish without having
any penalties or additional costs.

7. Competitive Rates and Fees
VA mortgage rates are not set by the VA. Since these loans carry the VA
guarantee, lenders set their own VA rates and fees which allows them to be very
competitive. This is a huge benefit for borrowers who can shop around and
compare which one is the best to suit their needs and budget.

8. Loan Options to Choose From
VA loans can be obtained with a fixed rate or adjustable rate when purchasing a
home or refinancing. In addition, borrowers can make improvements, repairs or
even energy efficiency upgrades to their home with a VA loan.

9. Limited Closing Costs
The VA also limits the closing costs fees that a lender can charge to the borrower.
This is just another way the borrower is protected by VA in an effort to keep these
loans affordable for veterans.

10. Funding Fee
While a VA loan requires a funding fee, it is not required to be paid as cash. This
fee can be financed with the loan so that the borrower does not need cash to
close. In addition, there are some borrowers who will not pay a funding fee which
depends on their individual situation.

11. Seller Paid Closing Costs and Concessions
A VA loan allows sellers to pay closing costs, as well as, concessions. These are 2
completely different ways a homebuyer can save even more money using a VA
loan.

12. Assumable Mortgage
VA loans are assumable which means that you can sell your home to another
homebuyer who is eligible for a VA loan approval. This becomes a valuable benefit
in the future if your VA loan was obtained with today’s low VA mortgage rates.

13. Conclusion
VA loans were created to help those who have served our country. Those who are
eligible should seriously consider this type of loan before any others.
Feel free at any time to contact us to find out how a VA loan can help you, for
mortgage information about a VA loan or for a free no obligation quote.
http://veteranhomefinancing.com