Thousands of people are applying for and receiving VA loans every month. There are several programs available to help the men and women of the armed forces secure the loans they need to become a homeowner. At LoanProConnect we can help you receive all your benefits so you can get into the home you really want.
Purchase with $0 Down
VA loans are one of the few remaining programs that still allow borrowers to finance up to %100 of the home’s value even with $0 down. Most conventional loans require large down payments which can be prohibitively expensive in this economy. In some cases, the payment can be as much as 10-20% of the loan, with a minimum of 5% down. Since the VA doesn’t require any money down, it makes home ownership a real possibility again.
Lower Rates and Monthly Payments
Since VA loans benefit from government backing, banks are more likely to provide the loan and require less in return. You will not need to acquire PMI (private mortgage insurance) which would normally add to your monthly expenses, and interest rates are usually 0.5%-1% lower than those on conventional loans. You could, conceivably, save up to hundreds of dollars each month by using this program.
The banks do not have to be as stringent with borrowers when they are applying for a VA loan. The government guarantees these loans so the financial institutions can confidently provide loans, knowing that it is a safer investment.
VA ARM loans also average 1%-2% lower rates, and it is still possible to get the loan even with a less-than-perfect credit score. There is no income verification or appraisal needed for a purchase or refinance, and you can still receive 100% financing. All you have to cover is the closing costs (which may even be picked up by the seller).
Finding the right lender for your situation is an important step in the home buying process, and at LoanProConnect we can help you connect with the people who will make sure you take advantage of all your VA benefits. Contact us today to receive a free quote and learn more about your options.