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Mortgage Research Center — NMLS #17094
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As a result of changes to the mortgage industry, options for a conventional loan with $0 Down have evaporated and a VA Loan is one of the only $0 Down home loan options.
Some people believe a VA Loan involves red tape and is more work. But the VAMortgageCenter specializes in VA Loans and has streamlined the process to save you time. This is why so many families take advantage of their VA benefits and get a VA Home Loan instead of a conventional loan.
In today's market, banks are generally asking for 10-20% down on a conventional loan. Because a VA Loan is backed by the federal government, banks do not require a down payment making a VA Loan one of the only loan programs that can still offer 100% financing.
Because the loan is backed by the government, banks do not require PMI (private mortgage insurance), an added monthly expense required for conventional loans where the borrower finances more than 80% of the home's value.
A VA borrower has an advantage when shopping for rates as well. Interest rates are based on the banks capital risk should the loan go into default, but because a VA Loan is backed by the government the bank takes less risk. VA borrowers benefit with an even more competitive rate because the banks risk is offset. This, along with no PMI can substanially lower your monthly payment.
The qualification standards for each loan type are very different. Once again, because the loan is backed by the government, banks assume less risk and have less stringent qualification standards for VA Loans making them easier to obtain.
It is important to know the differences between the loan types and understand your options. Get connected to a VA Loan expert who can help you see what is best for your situation.
By simply starting the request, you are not obligated in any way and your credit will not be pulled as a result of filling out the form on our website. You are simply asking for more information. Your contact information will be sent to a VA Specialist who will contact you to go over your options.
At VAMortgageCenter, we specialize in VA Loans. Over 500,000 military families have come to us for help through the VA Loan process. See how we can help you.