What Every Vet Needs to Know About VA Loans
Elite Financial thanks all veterans for their service to our country and would like to share with you some interesting information about VA loans which you might not know.
- You do not have to be a first-time buyer. You can take advantage of VA home loans anytime you want to purchase a new home. Plus, this benefit never expires!
- VA mortgages do not require a down payment. You don’t have to wait to save up a down payment to buy a home. You can purchase one today.
- VA mortgages do not require private mortgage insurance (PMI). Unlike FHA loans that require PMI, VA mortgages do not, which eliminates this added cost to your monthly payments.
- VA mortgages can be used to refinance or cash out equity in your existing home. You could get lower monthly payments and a lower rate or tap into the equity for home improvements or other reasons.
- VA mortgage rates are lower. Interest rates are lower compared to conventional mortgage loans, which saves you money over the life of the loan.
- Surviving spouses could quality for VA mortgages. If you are the surviving spouse of a veteran, you could buy a home with no money down and no PMI.
- VA mortgages do not require high credit scores. VA mortgages allow for previous foreclosures, bankruptcies, and lower credit scores for approval.
- VA mortgages are available for condos and manufactured homes. Your VA benefit includes a wide range of home buying options.
For more information about VA mortgage loans, or to apply, please feel free to contact Elite Financial at (805) 494-9930 today!