Protecting our nation is one of the most heroic things an American can do. And that’s not an easy task. Being in the military means that a lot has to be sacrificed for the good of the country, which is why servicemen and women in service, as well as veterans, deserve to be compensated for their bravery and valiant efforts to serve our nation. .
To give back to these brave men and women, the US government offers a special VA loan, which is a great opportunity to pay for the American Dream and own a home. VA home loans are exclusive to those who have courageously served our country and are available to those who have served our country and offer a number of benefits. Here are some of those benefits.
1. No down payment
When you buy a new home, you must contribute a certain amount of money for the down payment. This can vary based on the total price of the home and can often be quite a costly expense. Many families have to save for years to pay the down payment on a new home. But with a VA home loan, that down payment doesn’t apply in most cases. This means that a veteran can become a homeowner with no down payment, making a part of the American Dream much easier. It is the only loan available today with no down payment!
2. Lower interest rates
Another benefit of this loan is that the borrower generally gets a lower interest rate than is normally available with other types of loans. This translates into lower monthly payments and the borrower will be able to pay off his loan amount much faster than others with a higher interest rate.
3. No private mortgage insurance (PMI)
As a result of the real estate recession that occurred a few years ago, banks are now insuring themselves in case something like this happens again by incorporating private mortgage insurance, which is an additional fee for loans that are not 20% off. advance necessary. payment of the appraised value of the home. This insurance protects the lender if he ever defaults on his monthly payments. Since military men and women do not need a down payment, they are not required to have a PMI and this results in lower monthly mortgage payments.
4. Added functions
In addition to the aforementioned advantages, a VA home mortgage also offers benefits such as: the right to prepay the loan without penalties; the mortgage can be assumed by the buyer when the house is for sale; and special advice and help for veteran borrowers who are struggling financially.
There are some VA home loan requirements that a veteran will need to meet before being eligible for the loan. Contact American Hero Mortgage (serving the Dade, Broward, and West Palm Beach areas) for more information and to see if you qualify for the loan.