For disabled veterans, buying a house can be a bit more challenging, especially if you lack a regular source of income. VA home loans make buying a house much easier. Unlike conventional mortgages, these loans are designed to help qualified veterans get into the homes they deserve without high upfront costs.
8 Fantastic Benefits of VA Home Loans for Disabled Vets
Though buying a house is stressful no matter what type of loan you use, VA home loans make things much simpler. Here are a few of the top benefits you can expect.
1. No Down Payment
When you buy a house with a traditional mortgage, you need to pay at least 20 percent of the house’s sale price as a down payment to secure the loan. VA home loans allow you to finance the full purchase price of the house.
2. Low Interest Rates
VA home loans are backed by the Department of Veteran’s Affairs. This means the VA helps pay back a portion of the loan if you default. This added security allows lenders to offer you lower interest rates on the loans.
3. Disability Payments Count as Income
When you apply for a loan, you need to show that you’ll be able to make the minimum payments each month. VA home loans allow you to use your disability payments to do just that.
4. It Never Expires
VA loans aren’t a one-time benefit. You’re free to use the loan program anytime you want to buy a new primary residence.
5. No Mortgage Insurance Needed
Normally, mortgage lenders expect you to buy private mortgage insurance if you put less than 20 percent down on the house. VA home loans don’t require the insurance even if you finance the full cost of the house.
6. Flexible Credit Requirements
Most lenders base your interest rate on your credit score. Low scores mean higher interest rates. However, VA home loans have flexible requirements, so you’ll still get a good rate even if your score is low.
7. Low or No Property Tax Payments
For disabled veterans, you won’t have to worry about high property tax bills. In fact, the VA program helps you qualify for an exemption in most states.
8. Funding Fee Gets Waived
VA loans all require a funding fee to help cover the cost of the program. However, this fee is waived for disabled veterans.
Experience the Benefits for Yourself
If you’re a disabled veteran, save yourself the stress of buying a house and finance the purchase with VA home loans. Apply online today.
