VA mortgage program is the most appropriate way to finance a house purchase available for the veterans. You cannot save as much money in any other mortgage program as you can save with the VA home loan. It is an extremely beneficial program and even the tremendously popular FHA mortgage program cannot compete with it. There are many advantages associated with getting a VA mortgage out of which following are the five biggest advantages you can access to by applying for a VA home loan:
1. VA HOME LOAN IS A MULTI PURPOSE LOAN:VA home loan is not only applicable to finance a house purchase or condominium but borrowers can use it for other purposes also for example carry out home repair or improvement, reconstructing the home from the beginning or in some cases refinancing an old mortgage. This is what makes it so beneficial and popular.
2. THERE IS NO NEED OF THE DOWN payment: Unlike the other type of loans, VA home loan does not require any large or small down payment and the applicant can gain access to it very easily.
3. THERE IS NO REQUIREMENT OF A PERSONAL MORTGAGE INSURANCE: If you do not want to pay a minimum amount of down payment then you have to opt for personal mortgage insurance. Even the FHA mortgage program has a requirement of some down payment. However, with the VA mortgage loan there is no need of mortgage insurance when there is no down payment.
4. NO PENALTY GIVEN BY THE LENDER ON REPAYING EARLIER: Some debtors like to pay off the loan quickly so that they can get out of their debts as soon as possible. This way they are able to save their money in the end. Hence, if you want to make the repayment quickly, you lender will not charge any kind of penalty. As a matter of fact you can save a lot through this as the interest amount drops.
5. CLOSING COSTS ARE LIMITED: A VA home loan can help you save money on closing costs of the home purchase. This is very much true and if for reassurance, you can ask your lender. They will tell you the entire estimation of the VA loan and will show you that its expenses are lower than usual mortgage program.
These five characteristics will convince any individual to go after A VA home loan because it is extremely beneficial.
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