There are many reasons why if you qualify you should get a VA loan. Here is a quick list of the best benefits for getting a VA loan for your home.
- No money down required. That’s great news if you are looking for a home because often saving up for a down payment can take years and by renting you will lose money during those years you wait to buy the right home.
- Regulations on fees. This means the government has placed a cap on the fees submitted by a lender and you won’t be paying as much out of pocket, unlike other loans.
- The government is backing your loan. They are the lender and able to work with you on what you can pay. This means that you don’t have a private lender and again fees that you pay along with interest rates are regulated to be reasonable.
- Resale allows the loan transfer. The VA allows for transferring of the loan to another buyer that wouldn’t otherwise be eligible for a VA loan. This is very attractive to potential buyers and could help you resell faster.
- Less stringent underwriting standards. About 80% of VA loan qualifiers wouldn’t qualify for a conventional loan otherwise and wouldn’t be able to afford a home. The VA loan provides an easier way to qualify and purchase a home with affordable interest rates and payments.
To see if you may qualify for a VA loan click here