VA Home Loans – Features and Benefits for Veterans
Product Spotlight: VA Loans
May is National Military Appreciation Month, and VanDyk Mortgage is honored to serve those who have served! If you’re a veteran or currently serving in the military, you have a mortgage option that is exclusively available to you—the VA Loan. Insured by the Department of Veterans Affairs, VA Loans are an amazing benefit for active military, veterans, reservists and National Guard members. Spouses of military members who died while on active duty or as a result of a service-connected disability can also apply. Applicants who meet the service requirements will need a Certificate of Eligibility (COE) to apply for a VA Loan.
Benefits of VA Loans:
VA Loans are a great option for eligible borrowers for many reasons:
- VA Loans do not require private mortgage insurance (PMI). In general, if borrowers put less than 20 percent down, they will pay PMI until they’ve paid 20 percent of their home’s loan-to-value ratio.
- You don’t have to be a first-time homebuyer. As long as you pay off your loan each time, you can use this benefit as many times as you’d like.
- VA Loans require no down payment. That’s right, you can finance up to 100 percent of your home’s purchase price with a VA Loan!
- There’s no minimum credit score requirement for VA Loans. However, VA-approved mortgage lenders will set their own credit score benchmarks for eligibility. Ask your lender what their VA Loan credit requirements are.
- There’s no prepayment penalty. If you decide to pay off your loan early, there is no fine!
Want More Information On VA Loans?
VA Loans are designed to help those who have served become homeowners at an affordable cost. At VanDyk Mortgage, we are familiar with the VA Loan program and the unique needs of military borrowers. Reach out to one of our Loan Originators to get a full list of VA Loan requirements!