Why Choose a VA Loan?

Why Choose a VA Loan?


Veterans, active military and surviving spouses have access to the VA Loan; a home financing option with unique money-saving benefits not found in the vast majority of other home-financing options. The flagship benefit of this program is the ability to purchase a home without the need for a down payment; however, the program also includes benefits such as:

• No monthly mortgage insurance premiums, saving you anywhere from 0.3 percent to 1.15 percent of the entire loan amount each year.
• No minimum credit requirements set by the VA; however, most lenders require a score of at least 620.
• Competitively low interest rates, made available from the Department of Veterans Affairs guaranteeing a portion of each loan.
• No penalties for paying the mortgage off early, allowing homebuyers to pay off their mortgage at a faster pace if able.

Purchasing with $0 Down

Being able to purchase a home without a down payment is something the VA took very seriously. The VA understood that veterans returning from service would be faced with the difficulty of saving up enough money for a down payment. And, with the average VA borrower having just under $7,000 in total assets, these no-money-down home loans have become a lifeline for thousands of military home buyers over the years.

These service requirements include only one of the following:

• The homebuyer served 90 consecutive days of service during wartime, OR
• The homebuyer served 181 days of services during peacetime, OR
• The homebuyer spent more than 6 years of service in the National Guard or Reserves OR
• The homebuyer is the spouse of a service member who died in the line of duty or as a result of a service-related disability.

Want to see what a VA mortgage can do for you? Call JoAnn. 318.451.2385
 OR CICK HERE  Get Approved For a VA Loan

 

 

JoAnn Deville Smith REALTOR

318.451.2385 CELL

Each Office is Independently Owned and Operated. Licensed in the State of LA.