5 Great Benefits Of VA House Loans! - By: Al Hardy

Although there are many different types of mortgage loan programs, all of them may not be for you and some of them you may not qualify for them. It is important for you to do your research on the types of mortgage loans and choose the best one that meets your particular home mortgage loan needs. VA House Loans may be one of the mortgage loan programs you may want to consider if you are a military veteran.

The VA House Loan is a loan program guaranteed by the government for veterans of the U.S. military to purchase a primary residence.

VA Home Mortgages have many benefits.

1. No Down Payment Is Required

A VA Home Mortgage gives the military veteran a chance to purchase a home with no money down. This is one of a very few mortgage programs that allow a person to buy a home with no money down. Another one is USDA Home Loans but you have to live in an area that is not heavily populated.

So, if you are a military veteran that has qualifying income and a good credit score you can buy your dream home without a down payment.

But a veteran would need money for closing costs, homeowner's insurance and other costs to buy a home. The good news is you can ask the seller to pay those costs.

2. Seller Can Pay Your Closing Costs

VA House Loans will allow the seller help you to pay closings. The seller can pay up to 4 financing at its best.

3. Low VA Interest Rates

VA Home Mortgages most times offer the lowest interest rates available for veterans. The VA mortgage interest rates are not based on credit scores like most conventional mortgage loans. If you are a veteran and your credit score is 650, your VA interest rate would be the same as if your credit score of 780. On a conventional loan your rate is lower if your credit score is higher.

The current VA interest rate is 4.5%.

4. There Is No Private Mortgage Insurance (PMI)

VA House Loans does not have monthly private mortgage insurance like all insured conventional loans and HUD FHA Loan. This could save you from $25 to $250 a month on your monthly payment according to the amount of your house loan.

5. The VA Mortgage Loan Size Is Limited

VA does set a limit on the amount of the mortgage you can receive. You really need to contact a VA lender in your area to help you to determine the amount of mortgage you can get.

Because there are so many different types of mortgage loan programs available in the marketplace, you need to do your research and choose the one that is best for you.

But if you are a veteran you really need to check out VA House Loans. You may be able to purchase your dream home with no money out of your pocket. The best place to start your research is the Internet. You will find many websites that will help you to choose the perfect mortgage for you!

About the Author

You can start your research at VA House Loans. If you are not a veteran you can get information on FHA Loans at FHA Loans Information.

Article Directory Source: http://www.articlerich.com/profile/Al-Hardy/102537

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