10 VA Benefits For First Time Home Buyers

Backed by the U.S. Department of Veterans Affairs, VA home loan is in place to help Veterans, service members, and their survivors, buy, improve, or build a home. Although you will still need to meet the credit and income requirements for the loan amount you want to borrow, these loan tends to offer better terms than most. Here are 10 benefits that VA loan offers.

1. No down payment required.

2. Refinance option is available.

3. Lower mortgage rates.

4. Help with closing cost.

5. Higher debt-to-income ratio is allowed.

6. No pre-payment penalty.

7. You may be able to “restore” an entitlement you used in the past to buy another home with a VA direct or VA-backed loan.

8. No private mortgage insurance (PMI)

9. Ability to roll closing cost into loan.

10. Help is available if you are having trouble making your mortgage payments.

If you have served for at least 90 continuous days, without a break in service, per the U.S. Dept. of Veterans Affairs, you meet the minimum active-duty service requirement.

To request a copy of your Certificate of Eligibility (COE) or for more information, please visit va.gov. As always, thank you so much for stopping by.

Image by Diana for First Home Houston