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 you have to sacrifice a lot for the good of the country, which is why military service men and women, as well as veterans, deserve to be compensated for their bravery and valiant efforts 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 achieve the American Dream and own a home. 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. These are some of those benefits.
1. No down payment
When you buy a new home, you must put up a certain amount of money for a down payment. This can vary depending on the total price of the house and can often be quite an expensive expense. Many families have to save for years to pay a down payment on a new home. But with a VA home loan, that down payment is waived in most cases. This means a veteran can become a homeowner with no down payment, making it much easier for them to have a piece of the American Dream. It is the only loan available today with no down payment!
2. Lower interest rates
Another benefit of this loan is that the borrower usually gets a lower interest rate than is normally available with other types of loans. This translates into 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 by adding private mortgage insurance, which is an additional fee on loans that don’t have the 20% required. payment of the appraised value of the home. This insurance protects the lender if you ever miss your monthly payments. Since military men and women do not need a down payment, they are not required to have PMI and this results in lower monthly mortgage payments.
4.Added Features
In addition to the advantages mentioned above, a VA home mortgage also offers benefits such as: the right to prepay the loan without penalty; the mortgage can be assumed by the buyer when the house is sold; and special advice and help for veteran borrowers experiencing financial difficulties.
There are some VA home loan requirements that a veteran will need to meet before being eligible for the loan. Contact American Hero Mortgage (serving the Dade, Broward and West Palm Beach areas) for more information and to see if you qualify for the loan.