For decades, the Veterans Affairs (VA) home loans program has been instrumental in helping veterans achieve homeownership. If you or someone you know has served in the military, understanding the advantages of this program could be pivotal in your Raleigh home-buying journey.
Below are some key insights on VA loans for Triangle area homebuyers.
Advantages of VA Home Loans
VA home loans provide significant benefits for veterans who are eligible, making the dream of homeownership more attainable. The Department of Veteran Affairs highlights several advantages:
- No Down Payment Required: For many eligible borrowers, the option to buy a home without a down payment is available, which can alleviate the financial burden of purchasing a home. The Associated Press notes:
. . . about 90% of VA loans are used to purchase a home with no money down.”
- No Need for Private Mortgage Insurance (PMI): Unlike many other loans that require PMI when the down payment is below 20%, VA loans do not. This exemption can lead to substantial savings on monthly housing expenses.
- Capped Closing Costs: VA loans limit the closing costs borrowers have to pay, keeping more money in your pocket as you finalize your home purchase.
An article from Veterans United sums up how remarkable this loan can be:
For the vast majority of military borrowers, VA loans represent the most powerful lending program on the market. These flexible, $0-down payment mortgages have helped more than 24 million service members become homeowners since 1944.”
Bottom Line
Homeownership is often seen as a cornerstone of the American Dream. For veterans who sacrifice so much for our nation, VA home loans serve as a valuable resource to facilitate this dream. It’s crucial that veterans are aware of and can access these benefits. Contact Linda Craft Team Realtors today to learn how you can take advantage of VA loan opportunities and make your dream of owning a Triangle area home a reality.