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Mortgage Research Center — NMLS #17094
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Buying your first home can be a very rewarding experience. As a first time buyer, there is a lot you need to know and selecting the right loan is definitely one of them.
If you are eligible, a VA Loan is one of the best loan programs available, particularly for first time home buyers.
Now more than ever banks are requiring large down payments, many loan programs require 10-20% down, putting home ownership out of reach for many first time home buyers. A VA Loan is perfect for young families and first time home buyers because the borrower can finance 100% of the home's value and purchase with $0 down. The VA is one of the only loan programs that can offer this same benefit.
Because many first-time home buyers typically don't have a lot of established credit, getting qualified for a conventional loan can be difficult. The credit and income standards are not as strict with VA Loans making the loan qualification process easier.
Because the loan is backed by the government, banks do not require PMI (private mortgage insurance) which is an added monthly expense. Interest rates for VA Loans are typically 0.5%-1% lower than conventional loans. These two advantages could add up to big savings.
|VA Loan - Estimated Monthly Payment Savings|
|Loan Amount||1.0% Rate Reduction||PMI Savings||Est. Monthly Savings|
*Estimates based the borrower putting $0 down with a 1.0% interest rate deduction.
The advantages are real. A lower monthly payment, easier qualification guidelines and the ability to purchase with $0 down make a VA Loan the best option for first time home buyers that qualify.
At VAMortgageCenter we pride ourselves on being different from other service providers. We specialize in VA Loans and take great pride in Serving those Who Have Served. This dedication and focus on VA loans has allowed us to streamline the VA loan process, making it very smooth and easy for our clients.
I'm Patrick Cox, a VA Loan Officer with VAMortgageCenter. I'd be happy to answer any questions you may have about getting qualified for a VA Home Loan. Answer a few questions and myself, or one of my colleagues, will contact you soon.(No obligation, it takes 2 minutes)