From Service to Homeownership

For over 80 years, Veterans Affairs (VA) home loans have empowered millions of veterans to achieve homeownership. If you or someone you know has served in the military, it's crucial to understand this program and its benefits.

Here are some key things to know about VA loans before buying a home.

Top Benefits of VA Home Loans

VA home loans simplify the process of buying a home for veterans, offering significant advantages to those who qualify. According to the Department of Veteran Affairs, some benefits include:

Options for No Down Payment

Qualified borrowers can often purchase a home with no down payment, removing a significant financial barrier. The Associated Press notes: “. . . about 90% of VA loans are used to purchase a home with no money down.”

No Private Mortgage Insurance (PMI) Requirement

Unlike many other loans that require PMI when the down payment is under 20%, VA loans do not. This saves veterans on their monthly housing costs.

Limited Closing Costs

There are caps on the types of closing costs you pay with a VA home loan, ensuring more money stays in your pocket at closing time.

An article from Veterans United underscores the impact of this loan program: “For the vast majority of military borrowers, VA loans represent the most powerful lending program on the market. These flexible, $0-down payment mortgages have helped more than 24 million service members become homeowners since 1944.”

Owning a home is a cornerstone of the American Dream. Veterans have given so much to protect our country, and one way to honor their service is by ensuring they are aware of the benefits of VA home loans.