A VA loan is one of the best loan programs for our active military and veterans. And we want you to know all about it because you have earned it!
The VA Loan option specifically assists active military personnel and veterans to provide the opportunity of owning homes at an affordable rate – Just one small reward for their sacrifice of serving our country.
Anyone currently active in the military or a veteran is most likely eligible for a VA loan. Here are the top three benefits of these particular government-backed loans you need to be familiar with.
No Down Payment Required
The US Department of Veterans Affairs backs all VA loans. This loan type is one of a few loan options that feature no down payment. Often a down payment is a challenging part of purchasing a home, so this benefit can help get you into a new home quicker
THE FEDERAL GOVERNMENT GUARANTEED a VA mortgage loan through the Department of Veteran Affairs, meaning that VA loans automatically come with favorable terms. The VA offers specific guarantees to private lenders on loans to qualified veterans, active service members, and surviving spouses. These guarantees encourage private lenders to offer VA loans with excellent terms to candidates who could be considered risky.
No Mortgage Insurance
Typically, you are required to put a down payment of at least 20% to avoid mortgage insurance. This insurance, known as (PMI) private mortgage insurance, protects lenders if you ever default on your loan. But in the case of VA loans, no mortgage insurance is required.
If you’re a veteran or active military, it’s time to stop asking yourself about what VA loan benefits are and let Hypotec help you get into a new home! To get started, you’ll need to show proof that you are eligible for your VA loan. VA-approved lenders, like Hypotec, can help you verify your eligibility and get your certificate. The certificate will provide proof of your military service based on your status. Tell your professional Hypotec lender early in the process that you need the eligibility certificate.
If you’re ready, apply for a VA loan with Hypotec today!