Help for Veterans Looking to Purchase a Home
True Path Loans, Inc.
True Path Loans, Inc.
Published on December 8, 2022
Help for Veterans Looking to Purchase a Home

Help for Veterans Looking to Purchase a Home

Benefits of a VA Home Loan

Are you a veteran looking to buy a home? If so, you may be eligible for a VA home loan. VA home loans are a great way for veterans to purchase a home with significant financial benefits.

Verify my mortgage eligibility (Feb 4th, 2023)

A VA home loan is a no-down-payment mortgage loan that is guaranteed by the Department of Veterans Affairs. This type of loan is designed to help veterans purchase a home with little to no money down, subject to meeting VA loan qualification guidelines. VA home loans are available to active-dutyservice members, veterans, and some eligible surviving spouses.

  • One of the major benefits of a VA home loan is that it helps veterans get into a home without having to put down a large down payment. This can be especially helpful for veterans who may not have the financial means to purchase a home with a traditional mortgage. With a VA home loan, veterans can purchase a home with no down payment, no mortgage insurance, and no private mortgage insurance.
  • Another benefit of a VA home loan is that it offers lower interest rates than traditional mortgage loans. This is because the VA guarantees the loan, so lenders are willing to offer veterans a lower interest rate than they would offer to someone without the same guarantee. Because of this VA guarantee, there is also no mortgage insurance. This can mean significant savings on the overall cost of the loan.
  • Yet another benefit of a VA home loan is that VA loans allow for higher debt to income tolerance compared to other loan types due to qualifying off of residual income instead of debt to income (DTI).
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  • VA appraisals are better appraisals than conventional loans. They offer two opportunities to dispute a low appraisal and have faster turnaround times than other loan types. A common misconception about VA appraisal values but in fact they come in at or above value more often than traditional appraisals.
  • VA has no credit score requirement, but lower credit may need additional care and documentation
  • Show me today's rates (Feb 4th, 2023)
    True Path Loans, Inc.
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