HomeSmart - Greenwood Village
8300 East Maplewood Avenue, Suite 100
Greenwood Village, CO 80111
8300 East Maplewood Avenue, Suite 100
Greenwood Village, CO 80111
Megan Van Eldik's Blog
Happy Veterans Day! How a VA Loan Can Help Veteran Homebuyers
Posted On: November 11th, 2021 4:36PM
Thank you, Veterans!
DYK: VA helps Servicemembers, Veterans, and eligible surviving spouses to become homeowners?
VA Home Loans are offered through private lenders & are backed by the VA, who guarantees a portion of the loan, allowing the lender to provide veterans and servicemembers with more favorable terms than can be had through conventional loans, FHA, etc.
Main Perks of the VA Home Loan Benefit:
- No downpayment required (*note -- Lenders may require downpayments for some borrowers using the VA home loan guaranty, but VA does not require a downpayment)
- Competitively low interest rates from private banks, mortgage lenders or credit unions
- Fewer closing costs
- No need for often costly Private Mortgage Insurance (PMI) or Mortgage Insurance Premiums (MIP)
- PMI is a type of. insurance that protects the lender if the borrower defaults. It's typically required on conventional loans if the downpayment is less than 20% of the total mortgage amount.
- MIP is what the Federal Housing Administration (FHA) requires borrowers to pay to self insure an FHA loan against future loss.
- Not having to pay PMI COULD SAVE A BORROWER ON THEIR MONTHLY MORTGAGE PAYMENT! : )
- The VA home loan is a lifetime benefit: you can use the guarantee for multiple purchases throughout your lifetime.
- No loan limit with full entitlement: If you can afford the loan, VA will back loans in all areas of the country, regardless of home price.
- No early payoff penalty fee
For more information, check out the VA Buyers Guide https://www.benefits.va.gov/HOMELOANS/documents/docs/VA_Buyers_Guide.pdf, or to access to VA loan staff who can answer questions call 1-877-827-3702. I'd be honored to help you find your next home or to help you sell. I'd be happy to pair your with recommendations for top notch lenders who understand VA loans in and out. You can always reach me at (303)946-6007, via DM. I hope you have a special day and thank you again for your service!
