Hey there, Jax family! As Navy Veterans ourselves, we know firsthand the sacrifices our military service members make for our country. One of the ways Uncle Sam says "thank you" is through the VA loan program. Whether you're a veteran, active-duty service member, or a military spouse, this blog is for you. Let's dive into the top 5 things you need to know about VA loans.
One of the most significant advantages of a VA loan is the zero down payment requirement. That's right, you can buy a home without having to save up tens of thousands of dollars!
However, keep in mind that a zero down payment doesn't mean zero costs. You'll still have closing costs and may have to pay a VA funding fee unless you're exempt.
Unlike conventional loans, where you have to pay PMI if you put down less than 20%, VA loans come with no PMI. This can save you hundreds of dollars a month!
Remember, no PMI doesn't mean you're off the hook for homeowner's insurance or property taxes. Always budget accordingly.
VA loans typically offer lower interest rates compared to other loan types. Lower rates mean lower monthly payments and less interest over the life of the loan.
Your credit score and debt-to-income ratio will still play a role in your interest rate, so keep those numbers in good standing.
VA loans are generally easier to qualify for compared to conventional loans. The VA is more flexible when it comes to credit scores, and they're understanding of gaps in employment history due to military service.
You'll need a Certificate of Eligibility (COE) to qualify. The requirements for this can vary based on your service history and duty status.
Did you know you can use your VA loan benefits more than once? Whether you're upgrading or downsizing, your VA loan is a benefit you can tap into multiple times.
There are loan limits and entitlement amounts to consider, so make sure you're aware of those before jumping back in.
VA loans are an incredible benefit for those who have served our country. From no down payment to easier qualification criteria, it's a program designed to make homeownership accessible for our heroes. If you're thinking about buying a home, a VA loan could be your ticket to achieving that American Dream.
Ready to take the plunge? Reach out to us at First Coast Heroes Real Estate, where we give back 25% of our personal commission to all the heroes we serve. Let's make that dream home a reality!
You’ve got questions and we can’t wait to answer them.