More than 21 million Veterans and Service persons live in the U.S. today, but only about 6% of them bought a home using a VA loan in the past five years. If you are a surviving spouse of an honorably discharged, a veteran,active military or reservist than you may qualify.
Those percentages could be much higher. Eligible Veterans often bypass the VA home loan for more expensive programs.
For most, that’s a mistake
VA Home Purchase
Likewise, buying a home with a VA loan is probably the least costly way to do it. VA loans do not require mortgage insurance. That’s a savings of $150 per month on a $250,000 home, according to mortgage insurance provider MGIC.
And, there’s no down payment required. Instead of saving for years to put 5-10% down on a home, you go directly to home shopping immediately. And, VA loans are more lenient on credit history than just about any loan type.
If you’ve been sitting on the sidelines, waiting for the right time to buy, now could be the perfect time.
VA loan rates are low, and more Veterans are getting approved.
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