Protecting our nation is one of the most heroic things an American can do. And it is not an easy task. Being in the military means that you have to sacrifice a lot for the good of the country, which is why servicemen and women in the military, as well as veterans, deserve to be rewarded for their bravery and effort. courageous to serve our nation.
To give back to these brave men and women, the US government is offering a Special VA Loan, which is a great opportunity to afford the American dream and homeownership. VA home loans are exclusive to those who have bravely served our country and are available to those who have served our country and offer a number of benefits. Here are just a few of those benefits.
1. No deposit
When buying a new home, you are required to set aside a certain amount of money for the down payment. This can vary depending on the total price of the home and can often be a pretty expensive expense. Many families have to save for years to pay for a down payment on a new home. But with a VA home loan, that down payment is forfeited in the majority of cases. This means that a veteran can become a homeowner without a down payment, making it much easier for them to have a piece of the American Dream. This is the only loan available today with no down payment!
2. Lower interest rate
Another advantage of this loan is that the borrower usually gets a lower interest rate than what is usually available with other types of loans. This results in lower monthly payments and the borrower will be able to pay off their loan amount much faster than others with a higher interest rate.
3. No private mortgage insurance (PMI)
As a result of the housing recession that occurred a few years ago, banks are now insuring themselves in case something like this happens again with the addition of a private mortgage insurance, which is a supplement for loans that do not have the required 20% down payment. payment of the appraised value of the house. This insurance protects the lender in the event of default on your monthly payments. Since military men and women do not need a down payment, they are not required to have a PMI, resulting in lower monthly mortgage payments.
4. Added features
In addition to the aforementioned benefits, a VA mortgage also offers benefits such as: the right to repay the loan without any penalty; the mortgage can be taken over by the buyer when the house is sold; and special advice and assistance for seasoned borrowers in financial difficulty.
There are certain VA home loan requirements that a veteran will need to complete before being eligible for the loan. Contact American Hero Mortgage (which serves the Dade, Broward, and West Palm Beach areas) to find out more and to see if you qualify for the loan.