VA loans are a mortgage guaranteed by the US Department of Veterans Affairs exclusively for Veterans, active duty service members, and military families to achieve their dreams of owning homes. It is a great initiative by the government to ensure that home buying is possible for military personnel and provide their family with a safer environment. VA home loan in Greenville, SC, or anywhere else looks similar on paper as any other home loan. However, a VA loan mortgage in Greenville brings along several benefits with them as well.
VA loan is not applicable to everyone. There are certain eligibility criteria that need to be fulfilled for VA loans. These eligibility criteria depend on the amount of time any individual is served in the armed forces. Furthermore, Certification of eligibility is also necessary to apply for a VA loan. Now let’s look at some of the benefits these VA home loan in Greenville, SC, brings along for our veterans.
- No down payment
One of the major benefits of VA loan mortgages in Greenville or anywhere else is the fact that there are no down payments. Qualified VA loan borrowers can make a purchase without any down payment, which can go around 5% for a FAH loan. There is no need to save money for years. VA home loan allows veterans or service members to get the home they desire without paying any amount as a down payment.
- No Private Mortgage Insurance
Another perk that comes with a VA home loan is the fact that there is no private mortgage insurance they have to worry about. There is no mortgage insurance with VA loans. VA loans come from mandatory funding fee that directly goes to the department of veteran affairs. VA loan borrowers are saved from the monthly cost of the premiums, saving them more money than conventional buyers pay due to their mortgage insurance.
- Financial setbacks
Furthermore, if an individual has suffered from foreclosure and bankruptcy, they can still apply for the VA loan in just two years. If any veteran has filed chapter 13, bankruptcy protection can apply in just one year. The time frame is much higher for those looking for conventional or FHA financing.
Other than the above-mentioned benefits, there are various minor benefits that VA home loan brings along with them. If you are a military personnel and want to know more, it is always a good idea to talk to professionals who can provide you with complete information regarding VA home loans. Enjoy the benefits and get your dream home with the help of a VA home loan.