Why VA Loans Are The Best!
VA HOME LOANS ARE THE BEST!
By: Emilio Parrish
The Veterans Administration (VA) is very interested in helping their veterans enjoy the benefits of being a home owner. Eligible veterans have the opportunity to use their VA benefits to purchase or refinance homes with ease.
When buying or refinancing your home, count on VA home loan programs to provide you with the best financing available. In just about every single situation, the VA home loans are going to be cheaper and easier for you.
When purchasing a home consider the many benefits VA loans can offer. VA loans don’t require a down payment, don’t have private mortgage insurance, and have lower interest rates. All of which are not always available on other types of home loans. In the end, this means that as a veteran you will have a lower overall mortgage payment.
The Veterans Administration also guarantees a quarter of the loan amount of their approved loans. This means that lenders and sellers can have full confidence in you as a buyer.
The VA has also made it very easy for you to refinance once you are already in a VA home loan. There is an interest rate reduction refinance loan or IRRRL that makes refinancing a quick and painless process for you. IRRRL’s do not require you to go through the same process as when you purchased your home. No appraisal is needed, no minimum credit score is required, and no employment or income verification is needed either. For these reasons, IRRRL’s are much faster to get done.
With all these benefits you may be wondering if you are eligible. There are many people who wonder if their short service background qualifies them for a VA home loan or not. Most are surprised at the outcome. Getting an answer on your eligibility usually takes 6-8 days, and in some cases, is done online instantly. Please contact a mortgage lender to check into your VA eligibility.
The VA home loan programs offer you the ability to become a homeowner and provide you with so many benefits that just simply are not available on other home loan programs. That is why I must admit that VA loans are the BEST!