California Mortgage News

Why choose a VA loan

July 20th, 2016 8:56 AM by George Coronado

The Unique benefits of VA Loans for veterans and active military   

Purchasing with $0 Down

Veterans, active military and surviving spouses have access to the VA Loan; a home financing option with unique money-saving benefits not found in the vast majority of other home-financing options. The flagship benefit of this program is the ability to purchase a home without the need for a down payment; however, the program also includes benefits such as:

  • No monthly mortgage insurance premiums, saving you anywhere from 0.3 percent to 1.15 percent of the entire loan amount each year.
  • No minimum credit requirements set by the VA; however, most lenders require a score of at least 620.
  • Competitively low interest rates, made available from the Department of Veterans Affairs guaranteeing a portion of each loan.
  • No penalties for paying the mortgage off early, allowing homebuyers to pay off their mortgage at a faster pace if able.

Posted in:VA loan and tagged: VA loan
Posted by George Coronado on July 20th, 2016 8:56 AM