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VA Home Loan

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WHY A VA LOAN?

VA Home Loans
Eligibility
Why a VA Loan?
VA Loan Rates
Loan Options
First Time Home Buyers
Credit Building
Va Loan Process
Contact us
Get a Quote
VA Refinancing
Va Loan Refinancing Overview
Streamline Refinance(IRRRL)
Cash Out Refinancing

Why Choose a VA Loan?

The VA Home Loan comes with substantial benefits created to aid those eligible who might otherwise be unable to obtain financing to purchase a home.

The VA Home Loan does not require a down payment in most instances and does not require private mortgage insurance. VA loans carry competitive interest rates and terms, and also allow qualified borrowers to purchase a home with little to no money out of pocket at closing.

Since their inception in 1944 VA loans have become increasingly popular due to the benefits they offer:

  1. No Down Payment – It can be difficult for anyone to save money for a down payment, let alone service members who are constantly on the move. VA Home Loan allows qualified borrowers to borrow 100%of the home’s value without putting any money down in most instances. 

VA Down Payment Savings vs. Conventional Options

Loan

Amount

VA

0% Down

3% Down

5% Down

10% Down

20% Down
$150,000 $0 $4,500 $7,500 $15,000 $30,000
$200,000 $0  $6,000 $10,000 $20,000 $40,000
$250,000 $0 $7,500 $12,500 $25,000 $50,000
$300,000 $0 $9,000 $15,000 $30,000 $60,000
$350,000 $0 $10,500 $17,500 $35,000 $70,000
$400,000 $0 $12,000 $20,000 $40,000 $80,000
$450,000 $0 $13,500 $22,500 $45,000 $90,000

Are you ready to see how much you can save? contact VA the Fairway.

  1. No Private Mortgage Insurance – Unless you put at least 20% down, most conventional loans require that borrowers pay private mortgage insurance (PMI). Private mortgage insurance protects the lender in case a borrower defaults on their mortgage. This insurance is paid through a monthly premium being added to the loan’s monthly mortgage payment.

With a VA Home Loan, there is no PMI. The federal government backs all VA Home Loans and guarantees the loan to the lender in case of a borrower default.

Monthly PMI Savings*

Loan Amount

Monthly Savings
$150,000 Saves $100.00 per month
$200,000 Saves $133.33 per month
$250,000 Saves $166.67 per month
$300,000 Saves $200.00 per month
$350,000 Saves $233.33 per month
$400,000 Saves $266.67 per month
$450,000 Saves $300.00 per month

To get rid of PMI you may have on a current mortgage or avoid it on a purchase – Start your VA Home Loan quote online.

*Based on estimated PMI of .80% of the loan amount on a 5% down Conventional Loan

Additional Benefits

Easier to Qualify

Through less stringent underwriting guidelines, the VA Home Loan Program allows homeownership opportunities to service members, who couldn’t otherwise qualify for conventional financing.

Lower Payments

Lower monthly mortgage payments are achieved by combining competitive interest rates with the advantage of having no private mortgage insurance added to the mortgage payment.

First-Time Buyers

The VA Home Loan Program is extremely helpful for the First-Time Home Buyer because it offers less stringent credit standards combined with the no down payment benefit.

Learn more about VA Loan Rates in our next section, or contact VA the Fairway at (888) 301-3465 to speak with one of our VA Home Loan Specialists about the benefits of the VA Home Loan.

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