Current Service Member or Veteran? 4 Reasons Why a VA Home Loan Is an Excellent Choice

Are you or were you a member of the US military service? Are you looking to purchase a new home? In that case, you will be glad to learn that there are a few special mortgage programs meant just for you. Here are five reasons why you should consider a mortgage backed by the Department of Veterans Affairs when purchasing your new home.

You Can Borrow Up To 100% Of The Home's Value

That’s right! VA-backed mortgages can be used even in cases wherein you don’t want to put in any money towards your down payment. This is particularly beneficial for people who want to purchase a new home but lack adequate cash for the down payment. You can leverage your VA mortgage advisor to match the overall purchase price of your home.

You Can Qualify For A 'Jumbo' Loan

Based on your city’s real estate market, the desired house size, and the level of luxury you are hoping to enjoy, a larger mortgage may be required. Thankfully, there are 'jumbo' alternatives available with VA-backed home loans. In a few cases, you could be eligible for more than $1 million in mortgage financing, making the majority of homes in your locality affordable.  

You Can Avoid Mortgage Insurance Fees

Home buyers make use of a traditional mortgage that comes with less than 20 percent down, in which case they are required to purchase private mortgage insurance or "PMI." In the case of VA-backed mortgages, this is not a requirement. In case you qualify for a VA home loan, you will end up saving a lot of money over the term of the loan. 

You Can Accelerate Your Payments At No Cost

In case you choose to pay your VA mortgage off quicker through the acceleration of your payments, this can be done without any extra fees or penalties. For instance, in case you receive a gift of a huge amount of money or enjoy a good income tax return, the amount can be directed towards your mortgage payment. 

These are some of the several reasons why you must consider making use of a VA-backed mortgage for the financing of your next home purchase. To learn more regarding VA home loans and to learn if you are eligible, get in touch with us today. Our professional team of mortgage advisors is ready to assist. Please call me at + (877) 824-2747 or email me at info@charissarealty.ca for more information.