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The benefits of a VA loan
Every month, thousands of people nationwide make use of a VA home loan. With financial benefits such as lower interest rates, cheaper monthly payments and no money down, it's no surprise that VA loans are popular.
Finance a home with no money down
The VA home loan program is one of the last programs to boast no money down. Qualified borrowers can finance 100 percent of a home's value with no money down. Millions of homebuyers are pinched out the market because of conventional loans' high down payment requirements. Such loans often require down payments as high as 20 percent.
Conventional mortgages require at least 5 percent down, meaning VA loan borrowers often save thousands of dollars.
| VA Loan Savings at Closing Based on Conventional Loan Requirements | |||
|---|---|---|---|
| Loan Amount | 5% Down | 10% Down | 20% Down |
| $150,000 | $7,500 | $15,000 | $30,000 |
| $250,000 | $12,500 | $25,000 | $50,000 |
| $350,000 | $17,500 | $35,000 | $70,000 |
| $450,000 | $22,500 | $45,000 | $90,000 |
Reduce your monthly payments
With a VA loan, you can expect to have lower monthly payments for two reasons. First, interest rates on VA loans tend to be lower than conventional mortgages' by about 0.5 to 1 percent. But your monthly payment shrinks even more because VA loans don't come with private mortgage insurance (PMI). This insurance comes with conventional mortgages when the borrower finances more than 80 percent of the home's value.
As a result of lower interest rates and no PMI, the savings add up.
| 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.
Qualifying made easy
Since the VA insures up to one-quarter of every loan, lenders are less stingy about loaning through VA loans. Combine that with more lenient qualification guidelines from the VA, and getting a VA loan is easier than ever.
Fill out our online form, and find out how beneficial a VA loan is to you. A VA Mortgage Center.com specialist will contact you with information about your qualification status. The qualification creates no obligation and should only take 2-3 minutes.
See What a VA Loan Can Do For You
Take the first step in your VA Loan by getting in touch with a VA Specialist.
VA Mortgage Center.com's expertise
Our loan officers specialize in VA loans, meaning that's all they do. Therefore, VA Mortgage Center.com officers have the upper hand over other lenders who seldom work on VA loans. It only makes sense that your loan officer knows the tips and tricks to guaranteeing you the best VA loan. We're not Proud to Serve Those Who Have Served ™ until you're satisfied with the deal.
Trust a VA-approved lender
Lenders who offer VA loans need to be approved by the Department of Veterans Affairs. VA Mortgage Center.com is proud to be a VA-approved lender that has helped more than 500,000 families capitalize on VA loan benefits.
Over 500,000 military families have come to us to use their VA Loan Benefits. Find out how we can help you...
Simply answer a few questions to find out how you can maximize the benefits you have earned without any obligations.
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How It Works
- Complete this easy, 2 minute form
- A VA Loan Specialist will let you know what you qualify for.
- It's easy! Filling out this form puts you under no obligations.
Use Your VA Loan Benefits
- Purchase a Home with $0 Down
- Lock in a Historically Low Rate
- Refinance to a Lower Fixed Rate
- Enjoy Lower Monthly Payments
Request a VA Loan Quote
See what you qualify for with no obligations.
