VA Loans Help Military Veterans Become Homeowners
The VA loan allows veterans, active members of the military, and surviving spouses to purchase a home with zero down payment unless required by a lender, or unless a purchase price is more than a property’s reasonable value.
In addition, VA loans don’t require private mortgage insurance (PMI). Most traditional home loans require borrowers to pay for PMI each month unless the borrower puts 20% down on the home.
Because VA loans are backed by the government, they usually have a lower mortgage rate than non-VA loans.
All of these combined can provide veterans with substantial monthly savings, and thousands of dollars saved over the life of a loan.
VA Loan Eligibility
The VA loan has strict eligibility requirements that are outlined on the Department of Veterans Affairs website.
Once you determine you’re eligible, you’ll need to receive a Certificate of Eligibility from the VA. As a veteran, you must also meet service and discharge requirements established by the VA.
Also note that VA loans can only be used to purchase your primary home. In addition, they can be used to to make home improvements, including installing energy-efficient features.
Contact Open Mortgage to learn more about VA loans
The VA loan helps veterans and military families take the empowering journey into homeownership, while saving money throughout the process.
If you’re interested in learning more about the VA loan, or are ready to begin the application process, contact one of Open Mortgage’s friendly loan originators.