5 Reasons VA Loans Are The Best Mortgages In America!

The Veteran’s Administration (VA) loan is a no-money-down mortgage option available to Veterans, Service Members, and select military spouses. The VA home loan was conceived in 1944 to help returning service members purchase homes without needing a down payment or excellent credit. Guaranteed by the U.S. Department of Veterans Affairs (VA), this loan program has helped more than 25 million Veterans, active duty military members, and their families purchase or refinance a home. Here are the top 5 reasons you should choose a VA loan if you qualify. 1. No Down Payment Needed VA loans are one of the last 0% down mortgages available on the market today. This gives the borrower a unique advantage, as they now have flexibility with the funds they would typically use for a down payment. These funds can be used to buy down their interest rate, pay above appraised value (something that is very common in our current housing market), or just keep it in their pocket! 2. No Mortgage Insurance Required Mortgage Insurance is an additional fee that is tacked on to the monthly payment on most mortgages. This fee acts as an “insurance policy” to help lenders compensate for the losses they would receive if the borrower defaults on the mortgage. Mortgage insurance can either be public or private, depending upon the insurer. However, a VA loan does not have any mortgage insurance, helping the borrower save that cost every month! 3. Best Interest Rates Because the federal government backs...