8 Things You May Not Know About VA Loans

VA loans offer unique benefits for veterans and active-duty service members. Here are eight lesser-known facts:

1. No Down Payment Required

VA loans often require no down payment, making homeownership more accessible for military personnel.

2. Flexible Credit Requirements

VA loans typically have more lenient credit requirements compared to conventional loans.

3. No Private Mortgage Insurance

VA loans do not require private mortgage insurance (PMI), potentially saving borrowers money each month.

4. Funding Fee Exemption

Disabled veterans are often exempt from the VA loan funding fee, reducing the upfront costs of homeownership.

5. Assumable Mortgages

VA loans are assumable, allowing qualified buyers to take over the loan with lender approval.

6. Refinancing Options

Veterans can refinance their existing VA loans through various programs, such as the VA Interest Rate Reduction Refinance Loan (IRRRL).

7. Eligibility Beyond Active Duty

VA loan eligibility extends to certain reservists, National Guard members, and surviving spouses of deceased service members.

8. Restoration of Entitlement

Borrowers can potentially restore their VA loan entitlement after paying off the original loan, allowing them to reuse the benefit.

Conclusion

Understanding these lesser-known aspects of VA loans can help veterans and active-duty service members make the most of their home loan benefits.

For personalized assistance with VA loans, contact us today!