Whether it’s your first home purchase or your third, special resources are exclusively available to help with your home buying process if you’re a veteran. Veterans also can take advantage of a VA loan, which saves money and makes it easier to achieve your homeownership dreams.
Loans supported by the government’s Veterans Affairs enable veterans to purchase a new home with no down payment. It’s also easier to secure financing because lenders know the VA backs its money. This also means that you will not have to make Private Mortgage Insurance (PMI) payments either, making your home that much more affordable.
“The VA Home Loan is a fantastic, but underused, veterans’ benefit,” Bill Kelly says. As a retired Coast Guard Captain, he currently serves his community as a loan consultant at Calibre Home Loans. “Earned through service to our country, eligible veterans and current active-duty members can purchase a home with no down payment, no mortgage insurance required and qualify for that loan with more flexible qualification requirements than other loan options, like a Conventional or FHA loan.”
With a VA loan, veterans can qualify with a lower income and a lower credit score than the average homebuyer.
“I describe the VA Home Loan as the most efficient way for a veteran to purchase or refinance a home,” continues Kelly. “This benefit does not expire and can be used more than once if the veteran meets those requirements.”
This is what you need to know about a VA-backed home loan.