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7 Reasons Why Veterans Should Use the VA to Secure a Home Loan

7 Reasons Why Veterans Should Use the VA to Secure a Home Loan

Veterans help this country to remain great. With this in mind, it’s important that they are given the dream of homeownership after they finish their service. If you’re a veteran looking to finally achieve homeownership in 2023, here are seven reasons why you should use the VA to secure your home loan:

1. Better Interest Rates

Many potential homeowners feel as though they can never achieve their dreams of homeownership. For veterans, the sometimes-tough job market post-service can make this dream seem even less realistic. However, with the help of the VA, becoming a homeowner is much easier for veterans than ever before. Thanks to the insanely good interest rates the VA offers veterans, more veterans have access to the dream of homeownership than they have in a long while. The easy online VA home loan application process makes the ability to seek out a VA loan incredibly simple as well. The helpful VA staff will guide you through every potential detail laid out in front of you during the process.

2. Fewer Insurance Woes

For citizen homeowners, mortgage offers often come with highly-priced mortgage insurance premiums. These premiums have barred many potential homeowners from achieving their dreams of homeownership. Thankfully, veterans can bypass this potential roadblock with ease, since VA loans do not come with a requirement to put monthly mortgage insurance packages. Since you’ll be saving tons of money by avoiding these insurance premiums, you can put more of your money into owning a property that you can truly be proud of. If you’ve been waiting to pull the trigger on getting a home that can effectively help you raise your family in 2023, the time to act is now!

3. Refinancing Flexibility

The woes associated with refinancing provide another major obstacle for most citizen homeowners. Once again, however, veterans have an advantage in this area when choosing to use a VA-backed home loan. The VA loan program has many special refinance programs that allow their borrowers to adjust their home payments to their living needs. The government understands that veterans often have ever-changing financial and health situations post-service, so they offer these refinancing options to ensure veterans can safely and effectively stay in the homes they buy with VA loans (Even if financial or personal tragedy suddenly hits their family). The notoriously relaxed and quick process of applying for VA refinancing plans makes the process that much more appealing.

4. Useful Assumability

 Unlike many other loan types, VA-backed home loans can be assumed by another party that wishes to buy a veteran’s home. This helps veterans become more valuable and assured in today’s sometimes-harsh economic landscape. If a veteran wants to help their children gain the dream of homeownership, this assumability will come in especially useful. The fact that the financing interest rates associated with this assumability are much, much lower than traditional loans is worth pointing out as well. For those who need to sell their home, and move across the country suddenly, the assumability of VA-backed home loans will make that stressful process much easier.

5. Reasonable Down Payment Options

Unlike other loan types, VA-backed home loans do not require a down payment to get loan approval. Given that veterans often come out of service with limited funds, this feature of VA-backed loans helps to ensure they have the right to get the homeownership that Uncle Sam promised them when they first enlisted.

6. Smaller Closing Costs

Compared to your typical bank-offered home loan, VA-backed home loans come with significantly smaller closing costs. The VA has limited the types of closing costs that veterans are expected to pay in a big way, making homeownership even more accessible to veterans across the country as a result. Loan underwriting, loan processing, and other attorney-related home closing fees do not apply to veterans for this reason.

7. Multiple Home Ownership Opportunities

Many people fail to realize that veterans can actually use a VA-backed home loan multiple times! This ensures that upward mobility is available to our country’s heroes, after all. For those who need to move across the country post-service, this offering becomes absolutely invaluable. Those who are looking to expand their living situation, or downgrade to something more modest, can do so with ease if they are of veteran status. Thankfully, the already-great stats surrounding VA-backed home loans makes it less likely that veterans will actually need to use VA loans more than once in their lives. For those who do end up needing this tool, however, it can truly change their lives.