Protecting our nation is one of the most heroic things an American can do. And it is not an easy task. Being in the military means you have to sacrifice a lot for the good of the country, which is why service men and women, 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 achieve the American Dream and own a home. VA home loans are exclusive to those who have bravely served our country and are available to those who have served our country and offer a number of advantages. These are some of those benefits.
1. No down payment
When you buy a new home, you must put down a certain amount of money for a down payment. This can vary depending on the total price of the home, and can often be quite an expensive expense. Many families have to save for years to pay a down payment on a new home. But with a VA home loan, that down payment is waived in most cases. This means that a veteran can become a homeowner with no down payment, making it much easier for a veteran to own a piece of the American Dream. It is the only loan available today with no down payment!
2. Lower interest rates
Another benefit of this loan is that the borrower typically gets a lower interest rate than is typically available with other types of loans. This translates into lower monthly payments and the borrower will be able to pay off their loan amount much faster than others with a higher interest rate.
3. Without Private Mortgage Insurance (PMI)
As a result of the housing recession that happened a few years ago, banks are now insuring themselves in case something like this happens again by adding private mortgage insurance, which is an additional fee to loans that don’t have the 20% required. payment of the appraised value of the home. This insurance protects the lender if you ever miss your monthly payments. Since military men and women do not need a down payment, they are not required to have PMI and this results in lower monthly mortgage payments.
4.Added features
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 sold; and special counseling and help for veteran borrowers experiencing financial difficulties.
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.