The $53K in VA Mortgage Benefits Most Veterans Are Not Claiming
Over 94% of veterans have not taken advantage of their full VA mortgage benefits. Whether you’re a homeowner or looking to buy, lifetime savings of for a VA loan can add up to nearly $53,000 when assessed over the loan lifetime. Even more good news: these benefits apply to vets who currently own a home as well as those who do not.
**Important: Military homeowners and homebuyers have access to the most powerful loan product on the market. Find Out if You Qualify >
If don’t want to miss out on a ‘jackpot’ benefit like this, we recommend checking your eligibility as soon as possible. VA mortgage rates are at historical lows. Even a modest jump in interest rates can have big consequences when applied to loans as large as a home mortgage. See Today’s VA Rates >>
Veterans who use this loan program have access to 5 advantages that make Veteran loans hands down the best loan product out there:
- No Down Payment. Most loan programs require at least 3% down and as much as 20%. But a VA loan requires no down payment whatsoever. This saves Veterans years of scrimping and saving prior to buying a home.
- No Mortgage Insurance. Most home buyers pay hundreds of dollars per month in mortgage insurance if they make a down payment of less than 20%. Veterans who use a VA home loan do not pay PMI so they buy more house with less money.
- Less-than-Perfect Credit OK. The non-Veteran home buyer often needs stellar credit to buy a home. This isn’t the case for Veterans. Credit score minimums are much easier to reach.
- Lower Rates. Veteran home loan interest rates are about 0.25% lower than rates for conventional loans, according to a recent lender survey. Veteran home buyers will likely end up paying less in interest compared to the average home buyer.
- Closing Cost Reduction. Veteran home loans come with limits on how much you can be charged in loan fees. These loans come with built-in protections for Veterans.
**Tip: Many Veterans assume they are not eligible for their home buying benefit. But the minimum service requirement is between 90 days and 2 years for most Veterans. Check your eligibility >>
Here’s How to Find Out if you Qualify
Veterans eager to get the process started should send their request to a VA lender.
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