Home Mortgage Preparation :: VA Housing Loan
VA Housing Loan:
What is a VA Housing Loan?
A VA housing loan is a loan program available to veterans that can help veterans purchase a home, refinance an existing or home, or make energy efficient repairs and upgrades. Over 14 million veterans have purchased a home using a VA housing loan.
How Much Can I Borrow with a VA Housing Loan?
A VA housing loan is based on a maximum amount of 25% of a home loan. The total amount of a maximum VA loan is $417,000.
Why Choose a VA Housing Loan?
A VA housing loan is unique because veterans may purchase a home with no money down. Typical VA loans are lower in interest rates than standard housing loans. The VA can guarantee a maximum of 25% percent of a home loan amount of $104,250.
You may qualify for a VA housing loan even if you have never qualified for other standard housing loans. This is important as it helps veterans purchase a home without having to meet the demands of a more traditional housing loan.
Total costs due for VA housing loans are lower as well. Closing costs are reduced and home buyers can enjoy a mortgage with no mortgage insurance premium, reducing the monthly payment. Unlike standard loans, VA housing loans do not require an early payoff penalty, so you can pay your house off faster with no worries of a large balloon payment at the end.
Left Over Benefits
Veterans can also use left over benefits if they have already used up all their VA benefits to purchase a home. Others may find that due to increases, they may have more benefits than they had thought. Veterans may also become eligible again for VA assistance. The VA offers new rate reduction programs that veterans may qualify for, even if they have already used their VA eligibility.
VA housing loans are excellent and sensible housing loan options. With no money down, no insurance premiums on the mortgage, and lower rates, millions of veterans can realize their dreams of home ownership.
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Home-Mortgage-Preparation.com :: VA Housing Loan