VA Loan Advantages vs. Conventional Loans
VA loans offer many unique advantages when compared to conventional loans. These differences can have a huge impact on the overall cost of acquiring a home. A few of the main differences are listed below.
No Down Payment
One of the biggest advantages to a VA loan is that no down payment is required. Virtually all conventional loans require a down payment, and loans with zero down have gone away. Since VA loans are partially guaranteed by the US government, there is less risk to the lender than with conventional loans, and lenders are still willing to offer VA loans with no down payment.
No Monthly PMI on VA Loans
PMI is required on almost all conventional loans if the down payment is less than 20 percent of the purchase price. PMI is insurance that protects the lender in case of a default on the loan to help limit their potential losses. PMI can be very expensive and is kind of like paying a higher interest rate for making a smaller down payment. Once again, since VA loans are guaranteed by the US government, no monthly PMI is required.
Easier Qualifying on VA Loans
Many people think that the process for obtaining a VA loan is much more complicated than it is. Many of our past clients have been discouraged from getting prequalified for a VA loan by their realtors, family members, or friends because they were told that the process is so difficult. Florida Veterans Home Loans deals exclusively with VA loans and we have fine-tuned the process. Since the US government is partially guaranteeing the loan, VA loans are normally easier to get approved for because they represent less risk to the lender.
Get Started Today With Your VA Loan Request!
To speak with Chris or one of his team of VA Home Loan specialists about taking the next step toward prequalification, call us at 866-704-2826 or complete our quick-and-easy request form. We'll be happy to contact you and discuss your next steps.
We look forward to assisting you.
By submitting your request, you are not obligating yourself. You are simply asking to be contacted by one of our talented specialists who can answer your questions. Florida Veterans Home Loans works exclusively with military families and we have helped people all across Florida understand the VA loan process.