A VA home loan is a mortgage specifically for those who have served their country in the armed services. Among the many advantages are:
- A VA loan can be used many times
- No money down purchasing
- It can buy rental property
Reusing a VA Loan
Unlike other great loan products, there is no limit to how many times a person can take out a VA loan. For instance, a military family can purchase a home in Jacksonville, NC and then end up receiving orders to a duty station in San Diego, CA.
When they sell the home in NC, they will be able to purchase another with the same benefit, whether it’s a first-time home purchase, or a tenth-time home purchase. And it can all be done with no money down.
No Money Down
No money down real estate is usually associated with terrible purchases and reckless lending. Not so with the VA loan.
Because of the sacrifices (financial and otherwise) military families make, they can walk into a home for literally zero dollars (even having closing costs paid) and not have to pay PMI or obtain a second mortgage to make up for a lack of down payment.
Rental Properties are Great Assets
Christopher Pascale was a sergeant in the Marine Corps when he bought his first home in 2007. Fifteen months later, the Pascale family relocated, but never sold their home.
They have been renting it now for five years and still have a VA loan on the property, even though they never intend to move back to that area.
There are other benefits, such as streamline refinancing and no penalties for early payoff. Knowing these benefits makes getting a VA loan a no-brainer.
To find out more about the VA home loan advantages, you can contact us. 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.