Did you know that the VA home loan program has helped more than 20 million military families nationwide? Yet this program could help so many more! Many military personnel, veterans, reservists and National Guard members don’t realize that they are eligible for this incredible type of mortgage. Most spouses of military members who died while on active duty or as a result of a service-connected disability don’t realize they can apply, too. At PRMI, we are dedicated to helping military families take advantage of this incredible benefit.
With a VA home loan, eligible borrowers can choose from various term options — 15, 20, 25, 30 years — and fixed or adjustable rates. Eligible borrowers can get 100 percent financing with no down payment requirements. They also can enjoy lower monthly payments because they don’t need to pay mortgage insurance.
The VA home loan program is one of the few mortgage programs that lets you finance 100 percent of the home’s value with $0 down. Equally impressive is that it doesn’t require Private Mortgage Insurance (PMI) on loans of more than 80 percent of a home’s appraised value, potentially saving borrowers $100 to $200 a month.
VA home loans also often have lower interest rates than the rates of conventional loans, and the minimum credit score requirements of VA home loans are lower than many other types of programs. There are strict limits on the closing costs borrowers are required to pay and a simplified approval process. Simply put, it’s a great way to finance a home.