Purchasing VA Loan Options is certainly a viable alternative other than conventional loans. The path to home ownership does not necessarily have to go through a private loan, but purchasing VA Loan Options makes the dream of home ownership a very simple reality. The amount of VA Loan options offered by the VA for veterans is far and wide, so there is definitely a program available.
The Benefits for First-Time Home buyers
The amount of purchase programs available through VA Loans makes home ownership a reality for any honorably discharged veteran. Each program has very low interest rates, sometimes three percent or less on purchase loans.
Closing costs are basically limited to the funding fee, and more often than not the private lender waives the funding fee. In essence, a veteran pays next to nothing in closing costs. Also, the VA guarantees the purchase loan, meaning if a borrower has little to no money for a down payment, they do not have to purchase private mortgage insurance in case of a default situation.
The VA guarantees up to 25 percent of the mortgage payment for veterans who qualify for purchase loan options. Keep in mind that interest rates are ultra-competitive which ensures the veteran is guaranteed a low interest rate in comparison to conventional loans. A VA Purchase Loan is a powerful tool for a first-time home buyer.
Looking to MortgageDepot for Guidance
If you are unsure where to begin with your VA Purchase Loan transaction, then you should consult with our mortgage specialists. Our company’s reputation working with veterans on VA Loans is second to none. Our team of experts guides you by the hand and makes certain you find the right program with the right lender. Start your VA Loan search today by using the expertise provided by our company MortgageDepot. We are a reputable mortgage broker in the New York area that is ready to help you with any of your mortgage needs.
Contact one of our loan consultants to learn more about this program.