Buying a Home with a VA Loan
A VA Loan Offers Many Benefits to New Home Buyers
Buying a new home can be a very rewarding experience. As a new home 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.
Purchase with $0 Down
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 prospective 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.
Save Hundreds of Dollars Every Single Month
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 add up to big monthly savings.
| VA Loan - Estimated Monthly Payment Savings | |||
|---|---|---|---|
| Loan Amount | 1.0% Rate Reduction | PMI Savings | Est. Monthly Savings |
| $150,000 | $94 | $115 | $209 |
| $250,000 | $156 | $191 | $347 |
| $350,000 | $220 | $268 | $488 |
| $450,000 | $282 | $345 | $627 |
*Estimates based the borrower putting $0 down with a 1.0% interest rate deduction.
It's Easier to Qualify for a VA Loan
It's no secret, getting approved for a conventional home loan these days can be difficult, particularly for young families and first time home buyers. Because the government backs a VA Loan, the credit and income standards are not as strict making the loan qualification process easier.
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.
Get Started with your VA Loan Request
What's Next? Are there any obligations?
Kaleb Long
VAMC Loan Officer
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 VA Mortgage Center.com, we work exclusively with VA Loans. Over 500,000 military families have come to us for help through the VA Loan process. See how we can help you.
Getting Started is Easy
