5 Reasons To Consider Taking Out A VA Mortgage

Posted on: 28 October 2019

If you're a veteran or active service member, you may be able to take advantage of all that a VA home loan has to offer. If you plan to buy a home soon, you'll want to consider applying for this loan. While there are many home loan options out there, a VA loan can offer more benefits than a standard home loan. Here are some of the reasons why you should consider taking out a VA mortgage.

No Need to Have a Down Payment

Coming up with a large down payment to buy a home can take a long time. You may feel like that's not an option for you and your family. The good news is a VA home loan doesn't require a down payment to be made. That can save you a lot of money and time.

No Extra Mortgage Insurance Costs

Typically, when homeowners take out a home loan without making a 20% down payment, they need to pay extra mortgage insurance each month. This adds to the cost of the loan and makes for a more expensive monthly payment. When you take out a VA loan, there are no extra mortgage insurance costs added to your monthly payments.

You'll Likely Qualify

If you're a veteran or active military member, you will likely qualify for this kind of home loan. Many other loan types have strict requirements in place in order to get approved. If your credit is lower or you've struggled to build credit, this can be a good option for you to explore.

Take Advantage of Lower Closing Costs

Closing costs can add up fast, and it can mean you'll have to come to your home closing with a lot of money. However, you'll be glad to know that VA home loans tend to have much lower closing costs. That's because there are regulations in place to prevent unnecessary added closing costs. 

There are No Prepayment Penalties

If you decide to sell your home because you need to move, you won't have to worry about expensive prepayment penalties being charged. You can sell your home and move without concern.

If you want to own a home and are looking into home loan options, be sure to explore VA mortgage options in your area. This can be a great way for you to make your dream of owning your own home a reality. 

For more information, contact a VA mortgage lender.