As we recognize and appreciate our veterans this Memorial Holiday, we thought we'd share with you the benefits of the VA loan program. This government-backed loan is the most powerful home loan program on the market for many veterans, service members, and military families. To date, the VA Loan program has helped more than 20 million veterans and their families achieve the dream of homeownership. VA loans have distinct advantages over traditional mortgages including:
- 0% Down Payment VA loans are among the last 0% down payment home loans available on the market today. FHA loans typically require a minimum 3.5% down payment, and many conventional loans require a minimum 5% down, pushing homeownership out of reach for many homebuyers.
- No Mortgage Insurance Many conventional lenders require borrowers to purchase mortgage insurance if they don't put at least 20% down. Since VA loans are government backed, mortgage insurance is not a requirement, which can save veterans thousands of dollars over the course of the loan.
- Easier Qualifications Because the government guarantees each VA loan, lenders carry less risk and can offer easier qualification guidelines, making homeownership a reality for many who have served.
- Competitive Interest Rates Less risk also means that lenders can offer competitive interest rates. With lower interest rates and the opportunity to purchase a home with 0% down and no mortgage insurance, the savings start to add up significantly.
To find out more about VA loans and if you qualify, call McCaffrey Home Mortgage at (559) 256-7050. We wish you a peaceful and happy Memorial Holiday with your friends and family. And as we honor our heroes, our heartfelt thanks go out to our brave veterans for all they have done for our country.
