Hooyah To Home Buying The Navy Way
Posted on: March 17, 2020
As defenders of the seas, Naval Service Members should have the luxury of returning from duty to their homes ashore. But wouldn’t it feel incredible to own the home you returned to instead of living in the barracks?
With the VA home loan program, active Navy personnel and veterans can take advantage of the easiest way to own a home. This program offers special privileges not available to the standard home buyer.
These special benefits break down homeownership barriers that home shoppers commonly face.
Lower Interest Rates
VA loans typically offer lower rates compared to other loan types.
VA home loans are government-backed. This allows mortgage lenders to offer these loans at drastically reduced rates. Service persons and veterans can achieve homeownership at an incredibly affordable cost — sometimes less than what they are paying in rent.
Zero Down Payment
With a VA loan you can finance up to one hundred percent of the purchase price. This opportunity doesn’t come around often for home buyers with no military experience. Most standard loan programs require at least 3% down. The VA loan saves the buyer thousands in upfront costs.
No Mortgage Insurance
Mortgage insurance is typically required whenever a home buyer puts less than 20% down. Not so with VA loans. The VA home loan guaranty program backs these loans, essentially providing mortgage insurance at no cost to you.
Flexible Credit Score Requirements
Another important aspect veterans should look into when getting a VA loan is the more lenient credit score requirement compared to other loan types.
Some lenders offer VA loans down to 620 or lower. Again, strong government backing allows lenders to approve applicants who normally wouldn’t qualify.
In addition, another benefit that the VA loan can offer to veterans and active duty members is the security of knowing that if there is ever a financial hardship the VA can help and will work with the borrower in making the payments feasible.
And last, but certainly not least, the VA loan provides access for veterans to receive lower closing costs.
The savings can help military home buyers who need to furnish their homes, do remodeling, or just need additional money to relocate their family and belongings.
Don’t delay. Through the support of a VA loan, veterans and servicemen of the Navy can have the pleasure in owning a home as quickly as they are at taking to sea.