What You Need to Know About Veterans Affairs Loans
If you’ve served in the U.S. Army, Navy, Marine Corps, Air Force or Coast Guard, your nation thanks you by offering a myriad of veterans’ benefits, one of which is access to government-sponsored mortgages for purchasing homes or refinancing existing loans.
What are VA home loans?
VA home loans are available to service personnel, veterans, and eligible spouses. These loans are available through private lenders and, in most cases, are the most affordable loans on the market.
Benefits of a VA home loan over a conventional home loan
VA home loans offer a number of advantages, which can include:
No down payment
Unlike traditional loans that can require a minimum down payment of up to 20 percent, VA home loans require zero down payment.
No private mortgage insurance
For traditional loans, where the down payment is less than 20 percent, the lender requires the borrower to purchase private mortgage insurance (PMI). This is a monthly fee over and above your principal and interest payment. No PMI is required for a VA home loan.
Lower interest rates
While interest rates on VA loans fluctuate with market conditions, they are typically a quarter of a percent lower than conventional interest rates.
Let Us Help
To learn more about VA home loans and whether this is the right choice for you and your family, contact Butler Mortgage. We have been helping Central Florida families like yours for more than 20 years, and would love to tell you more about how we can help. For questions, call 407-931-3800.