How VA Loans Can Help Make Homeownership Dreams Come True
As a veteran I can tell you that for more than 79 years, Veterans Affairs (VA) home loans have helped millions of veterans buy their own homes. If you or someone you care about has served in the military, it’s essential to learn about this program and its advantages.
One of our advantages is using a local lender like Premium Mortgage with Joel Mahakian. Premium Mortgage’s support for veterans currently waives the entire origination fee saving borrowers around $1,400 plus.
Here are some important things to know about VA loans before you buy a home.
The Many Advantages of VA Home Loans
VA home loans provide a pathway to homeownership for those who have served our nation, and they’re a great benefit for buyers who qualify. According to the Department of Veteran Affairs:
- Options for No Down Payment: Qualified borrowers can often purchase a home with no down payment. That’s a huge weight lifted when you’re trying to save for a home.
- Limited Closing Costs: There are limits on the types of closing costs you pay when you qualify for a VA home loan. So, more money stays in your pocket when it’s time to seal the deal.
- Don’t Require Private Mortgage Insurance (PMI): Many other loans with down payments under 20% require PMI. VA loans do not, which means veterans can save on their monthly housing costs.
A recent article from Premium Mortgage sums up just how impactful this loan option can be:
“VA Loans are the lowest available rate by The State of New York Mortgage Agency (SONYMA.) They offer down payment assistance up to the greater of $3,000 or 3% of the home purchase. (Not to exceed $15,000.) Veterans can apply with a non-spouse as a co-applicant and applicants do not have to be first time homebuyers. These loans also offer up to 97% financing and no points or origination fees. Borrowers may receive as little as 1% borrower cash contribution.”
Bottom Line
Owning a home is the American Dream. Veterans sacrifice a lot to protect our country, and one way we can show our appreciation is by making sure they know all the benefits of VA home loans. Thank you for your service.