VA Home Loan Benefits

Top 24 for 2024

2024 is finally here, and we've got the essential list for VA home buyers and realtors! Welcome to our 'Top 24 for 2024 - VA Home Loans Edition.' 

Top Benefits of VA Home Loans

How many of the 24 benefits were you already aware of? Let's dive in:
  1. Zero Down Payment so the Veteran or Active Duty Service Member can start their home buying journey sooner, without having to save for a down payment – a major perk of VA loans!
  2. No PMI Required - ever! VA buyers with low or no down payment enjoy significant monthly savings without Mortgage Insurance.
  3. Better Interest Rates: Interest rates on VA loans from reputable mortgage brokers can be anywhere from a quarter point to ¾ point or more better than similar conventional loans!
  4. Flexible Credit Guidelines: Because VA Loans are guaranteed by the federal government, they offer more lenient credit requirements. Higher debt to income ratios may be OK and even lower credit scores can obtain great rates!
  5. Limited closing costs
  6. No loan limits for qualified buyers - even with no down payment
  7. Reusable loan benefit
  8. VA support during financial hardship
  9. No prepayment penalty
  10. Eligibility for various property types
  11. Assumable mortgage options
  12. Waivers on funding fees for eligible veterans
  1. Streamlined refinancing programs - fast, low cost refinance opportunities with the Interest Rate Reduction Refinance Loan (IRRRL) program - as rates drop in the market, so should yours!
  2. Adapted housing grants for disabled veterans
  3. Well defined appraisal appeal process when needed
  4. Joint loan options for non-veterans so that a Veteran and non-veteran partner may purchase a home together using a VA loan
  5. Spousal benefits
  6. No established credit history needed
  7. Suitable for a wide range of borrowers from active duty service members to self-employed and retired Veterans
  8. Dedicated support from VA
  9. Fee reductions for first-time loan users
  10. Available in 15, 20 and 30 year fixed terms
  11. Assistance in foreclosure avoidance
  12. A lifelong benefit for eligible service members. In fact, Veterans and active duty service members may be able to have more than one VA loan simultaneously using "bonus entitlement."  

Mortgage Advisor

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