Active-duty service members, surviving spouses, and eligible veterans have the opportunity to pursue a VA home loan when they want to purchase a home. These home loans offer a variety of benefits, but it’s important to work with an experienced Twin Cities military veteran friendly Realtor, such as Shannon Lindstrom with RE/MAX Results, in order to make the most of this opportunity.
What is a VA Home Loan?
A VA Home Loan is a government mortgage loan that is available to active duty service members, surviving spouses and eligible veterans. The purpose of the VA loan is to streamline the process of buying a home for veterans, allowing them to reap the benefits of homeownership in addition to managing their ongoing military duties.
Comparing a VA Loan to a Conventional Mortgage
When compared to a conventional mortgage, a VA loan sets itself apart by:
- Eliminating the requirement for a down payment.
- Offering lower interest rates.
- Requiring fewer fees.
Finding the Best VA Loan Rates
Similar to conventional mortgages, VA loans are offered by mortgage lenders. You may want to contact a few mortgage lenders in order to find out who can give you the best VA loan. Generally speaking, however, VA loan interest rates are lower than conventional mortgages, which can make them appealing to qualified military service members and their families.
Maximizing VA Home Loan Benefits
You can maximize the benefits of your VA home loan by:
- Taking advantage of your ability to secure a loan without a required down payment. This will give you more cash to work with to update your property or complete your move. The advantage of electing a VA loan is that there is no private mortgage insurance, or PMI.
- Stressing less about your debt-to-income ratio and credit score. The threshold for both of these items is lower for VA loan applicants, which can make it easier for you to become a homeowner.
- Enjoying fewer closing costs. While there are closing costs no matter what type of loan you choose, there is a limit on the closing fees that VA loan applicants have to pay.
As you begin to explore your loan options and understand the many VA home loan benefits, you should think about hiring a Twin Cities military veteran friendly Realtor like Shannon Lindstrom with RE/MAX Results. To learn more about the home-buying process for active-duty service members and veterans, contact us today. We appreciate your service to our country!
Shannon Lindstrom, Realtor®, AHWD, GREEN, MILRES, MRP, VCA
RE/MAX Results
612.616.9714
[email protected]
[email protected]
www.ShannonLindstromRealtor.com
www.ShannonLindstrom.info
www.MinnesotaMilitaryVeteranRealEstateAgent.com
