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Is a VA loan right for you? Are you an active-duty military member or a veteran looking to buy a home? Before you look at a bunch of different loan programs, take a look at the benefits of a VA loan first. Here are four reasons to consider one.
Many loans require a minimum down payment of 10-20%. The federal government backs VA loans, so they don’t have the same requirements. You can get the home of your dreams without having to hand over a large chunk at the outset.
With federal backing instead of a private lender, VA loans don’t require the same mortgage insurance that other loans do. Even without a down payment, you still won’t have to cough up a monthly PMI.
Many people who qualify for a VA loan have a lower credit score than the average borrower. The debt-to-income ratio is not a concern for active military or veterans applying for VA loans either.
The Veterans Administration offers refinancing programs and other support to help avoid loan foreclosure should you find yourself in a difficult financial situation.
If you’re reading to invest in a home, find out if you qualify for a VA loan. The benefits to active and veteran military members can help you get in the house of your dreams without worrying about the hoops most homebuyers have to jump through. For help with the process, contact the experts at Midland Mortgage Corporation.