The VA loan program is something that non-military mortgage seekers actually wish they have access to. But despite the numerous advantages that come with this type of loan, many veterans and service members bypass the program for other options. The reason behind this is that they do not know much about it. Here are a few of its advantages that could help you decide to go for a VA loan program:
There’s no need for a mortgage insurance or down payment.
The VA loan does not need you to make any down payment unlike other loan programs such as conventional and FHA loans, which means you can purchase your home immediately. You are also exempted from the high mortgage insurance fees as this type of loan does not require mortgage insurance.
The loan benefit never expires.
Your earned eligibility for a VA loan does not expire. Even if you served the military 50 years ago, you could still use it today. To check your eligibility, obtain the DD Form 214 and go to an approved VA loan lender who can request for your VA Certificate of eligibility.
You can use the benefit many times.
For instance, you bought a home using the loan and you now want to sell it for a larger one. After selling it, you can again use the loan benefit for your new purchase.
Your spouse is also eligible.
In 2015, more than 3,000 spouses of fallen heroes in the military bought their homes using their partner’s VA loan benefits. If you are still unmarried and your partner passed on in the military, you are still eligible to buy a home with the loan.
VA loans are a form of saying thank you for the impeccable service former servicepersons have done for the country. So go on and choose this program over other mortgage borrowing methods if you are eligible for it.