According to Veterans United, 24 million vets have used their benefits to buy a home since the program began in 1944. So, if you are a veteran who hasn’t used your VA benefits to become a homeowner, check out what you’ve been missing. Then, work with the Potempa team to find out how to turn your benefits into cash for a new or refinanced mortgage.
Top Benefits of VA Loans
VA loan benefits include no down payment, lower rates and the opportunity to reuse your benefits.
1. No Down Payment or Mortgage Insurance
When you apply for a loan under your VA benefits, you don’t require a down payment. Even better, you don’t have to worry about mortgage insurance either. Other loan programs such as FHA and conventional loans require a minimum of 3.5 to 5% down, with many lenders preferring 20% down.
Keeping your money in your pocket gives you more to put towards the total home value. Many people pay over $100 (sometimes much more!) in mortgage insurance every month. Since VA loans don’t include this expense, you can add this money to a monthly payment, increasing your buying power significantly.
2. Use Your Benefit Again and Again
You may not realize that you can reuse your benefits to get multiple VA loans. Let’s say you are in a starter home, but your family is expanding. Even if you used your VA benefits to buy your current home, you can sell your home, pay off your current VA loan and reuse your benefits to buy another one.
If you bought your home a long time ago and paid off your VA loan, you can also get a one-time loan to restore your property.
3. Your Benefits Don’t Expire
Even if you wait 20 years to buy a home, you remain eligible for a VA home loan. The truth is many people never use their benefits. Don’t lose the opportunity to save money and buy a home that meets the needs of your family.
4. Surviving Spouses Can Use the Benefit
Hopefully, you’ll be around for a long time, but if you do pass away in the line of duty, this benefit can help your spouse move forward into an affordable home.
5. VA Loans Have Lower Rates
VA loan rates are typically somewhat lower than conventional loans. That’s because the VA backs mortgages, making them a lower risk for banks and other lenders.
Many vets wait too long to use their VA benefits. If you’re currently renting but want to own a home, using your VA benefits to secure affordable housing can save your family money. You have given everything for your country and it’s important to utilize the many benefits of VA loans.
At Potempa Team, we have the knowledge and experience needed to guide you through the application process. Contact us today to find out how to take advantage of your VA loan benefits.
