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Thursday, November 29, 2018

The Many Benefits of Using a VA Loan

Veterans can take advantage of the VA loan, which includes 100% financing and no mortgage insurance.

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One of the benefits our veterans receive is the opportunity to take out a VA loan for a home purchase. I’m here with Whitney Hall of Acopia Home Loans to talk about this type of loan and how it benefits veterans out there who want to buy or sell a home.

The biggest benefit with a VA loan is that it’s 100% financing, meaning no down payment or mortgage insurance is needed. The loans typically have a better interest rate than conventional loans, as well.

Veterans also receive some leniency on any credit issues they may have. If a veteran has had a foreclosure or a bankruptcy, they’d need to wait two years to be eligible for a VA loan; it’s a very forgiving program. These loans aren’t difficult for veterans and their real estate agents to obtain or use, so it’s unlikely that buying a home would become a complicated process because of using one. Whitney’s average closing time is around 19 days using VA loans.

Acopia Home Loans waives fees for veterans and provides them 25% toward closing costs, which can add up to thousands saved. Many mortgage lenders offer some sort of incentive to veterans looking to buy a home. 

These loans aren’t difficult for veterans and their real estate agents to obtain or use.

As VA loans don’t require home insurance, veterans are often able to qualify for more when buying a home.

There is a myth that veterans pay more fees in closing costs, but it simply isn’t true; the contract is negotiated in the same way as any other loan. Another myth is that veterans can only have one VA loan at a time, but there are ways to get up to two loans (as long as the veteran is eligible).

If you have any questions about VA loans or would like to learn more, give Whitney a call at 239-471-9829.

We’ve created the “Homes for Heroes” program, which helps minimize closing cost fees for first responders, veterans, medical staff, and similar occupations. If you’d like to learn more, are looking to buy or sell a home, or have any questions, feel free to call me at 239-791-7514. I look forward to hearing from you.