Military Home Buying with VA Loans
For service men and women, and their families, buying a home has never been easier. With the help of military home loans, current, discharged, or retired members of the Army, Air Force, Navy, Marines and Reserves can finance a home purchase with competitive rates and very low to little money down. Families of fallen service members are also often eligible to receive VA loan benefits, and these mortgages can make owning a home a more attainable goal than ever.
The lack of a down payment is one of the many attractive reasons that eligible prospective home buyers may choose to opt for a VA loan. Down payments on home purchases are often very expensive, and these payments will cause many home buyers to need to save for many months to have the amount of money needed to close on their home. It is not rare to see home loans that require down payments of as much as 20% of the loan, which will often amount to tens of thousands of dollars. With a VA home loan, however, this excessive saving is unnecessary, and the interest rates stay at a low competitive rate. Some other types of typical home loans may offer a low or lack of
down payment, but this often comes at the expense of a low interest rate, and home buyers will wind up paying even more than the amount of the down payment over time in interest. With a VA loan, this down payment is taken care of and the buyer is still able to keep their affordable rates.
While other types of home loans will require very little to no down payment, they will also often require a person to pay for mortgage insurance, including monthly insurance premiums. With VA loans, however, this insurance is not necessary, and a person eligible for one of these loans is not required to pay these insurance premiums. Many of these military house loans are still available to those with less than perfect credit as well, as the government will often insure a portion of the loan to ensure that lenders will not take a loss if financial difficulties should arise.
For military families looking to buy a home, taking advantage of VA home loan benefits is a great way to make home ownership a more financially attainable goal. With the absence of high down payments, monthly insurance premiums, and very affordable interest rates, military mortgages are an invaluable resource available to United States service men and women.