Why use a VA Home Loan? What are the benefits behind it?
There are numerous reasons to use a VA Home Loan instead of, say, a traditional mortgage. Some of the best and most stellar examples, though, would include:
- Down payments are often not required, due to the backing provided by the VA.
- Credit score requirements may be avoided or reduced based on VA-backing (the VA itself won’t require a credit score, but the private lender may).
- Closing costs may be assumed by the seller.
- Home Loan Guaranty eligibility can be re-used under certain circumstances.
- VA Regional Loan Centers have loan counselors who can help you or advise you if you’re in the market or exploring options in the future.
- Also – the VA’s Interest Rate Reduction Refinance Loans (IRRRL) program can help qualifying veterans and servicemembers refinance existing loans with relative ease.