Can you believe that approximately 76% of veterans are not using their VA loan benefits? Crazy, right? For the most part, VA home loans are the best mortgage options out there. Not only do they not require a down payment, but any on-going costs associated are very low. This type of loan is the most affordable. If you have served in the U.S. military, we highly recommend you look into utilizing these benefits! With only 24% of veterans using this loan, there is a lot of money able to be utilized. Unfortunately there are many veterans out there who are not aware of these types of benefits and what is available to them. Some veterans do not want to go through the process because appraisals on the homes usually take longer than regular loans. Some people do no that the patience to wait. But we would recommend you give it a try! There are so many benefits.
There are also a great deal of real estate agents and private people selling their home who are unaware how VA loans work. We would recommend you communicate with someone who is knowledgeable about the topic so you are fully prepared and aware of what is and is not required. Unfortunately, because of this, not all veterans even know they qualify!
More benefits of purchasing a home with a VA loan include: lower interest rates, lower credit requirements, no private mortgage insurance required, and your loan will be backed by the government! Again, we highly recommend you take a look into this if you are a veteran. Something else you may not be aware of is that you can actually refinance to a VA loan if you qualify! How incredible is that?
If you think you may qualify, please take a look into seeing if you qualify. Not only can it not hurt but it may save you money!