By Robert Stretch
Buying a house is a huge purchase and process for anyone to undergo, but especially for men and women who have served in the military. After having dedicated so much time to serving our country, it’s not easy to jump right into the real estate market. But luckily, there is an incredible opportunity for veterans to help them through the big financial steps of becoming a homeowner. Veterans Affairs set up the VA loan program specifically to help more veterans be able to afford buying a house, and VA loans have huge benefits to help those who have given so much.
The biggest benefit of VA loans is that they have zero down payments. You can finance your entire home without putting down a single dollar. VA loans also have interest rates that are anywhere from .5% to 1% lower than interest rates of conventional loans, and they don’t require Private Mortgage Insurance either. Say you were to take out a VA loan for $350,000 – you would save $220 each month by having an interest rate that is 1% lower, and you would save $268 each month by not paying PMI. This adds up $488 kept in your bank each month, an amount you would’ve had to pay had you borrowed a conventional loan. After all you’ve given, you deserve to be able to save that money for you and your family.
In order to be eligible for a VA loan, you must have completed one of the following:
- Served 181 days during peacetime or 90 days during wartime in the Army, Navy, Coast Guard, Marine Corps, or Air Force
- Served 6 years in the Reserves or National Guard
- If you couldn’t complete your time due to a health-related issue, or if you are the spouse of someone who died in service, you may qualify as well. And what’s more, it’s easy to qualify for a VA loan. Because Veterans Affairs backs them, banks are willing to lend them to many more borrowers, lots of whom couldn’t have qualified for a conventional loan.
Financing a home is no easy task, but if you’re a veteran, VA loans can make the process a whole lot easier. Don’t overlook this great opportunity.
Author Information
Robert Stretch started at a young age to try to make a difference in the veteran community. His blog on veteran benefits helps hundreds of viewers each month. Read more about how VA loans can benefit veterans today on Robert’s blog.
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