At Alvarez Law Group, we appreciate and support our veterans whenever possible. It’s why we recently wrote a blog about real estate resources for veterans and offer $150 off closing fees for veterans (as well as first responders and law enforcement). That’s why we want to explore the important financial resources available through the Department of Veterans Affairs (VA).
Unfortunately, many veterans are still struggling to find homes due to stigmas, joblessness, and confusion about VA loan programs. Housing and Urban Development says roughly 20,000 veterans are experiencing homelessness on any given day. Even one veteran experiencing homelessness is too many, and we want to do our part in helping reduce that number.
No Down Payment
This is one of the most appealing benefits of VA loan programs. Many veterans struggle to come up with the huge cash needed to make a down payment in order to secure a loan, but the VA allows you to skip this step. This can allow you to build financial worth and housing stability without needing to immediately put yourself in deeper debt.
No Private Mortgage Insurance (PMI) or Mortgage Insurance Premiums (MIP)
Another benefit is that VA loans don’t require you to secure PMI or MIP. PMI is an insurance that protects the lender when you make little or no down payment while MIP is a federal requirement to protect yourself against the future loss of value. These are other additional upfront and future costs that won’t be added to your plate.
VA Loan Rates Are Lower
Because the Department of Veterans Affairs backs these loans there is less risk to the lender. With that lowered risk comes a lower need for high interest rates. In this case, the lower interest rate passes down to you as the borrower – giving you rates lower than a typical mortgage.
Eligibility Lasts Forever
Did you retire from the military decades ago but never use your benefit? Good news – you’re likely still eligible. Maybe you already used this benefit the last time you bought a home but need to buy a new one? Good news – you’re also still eligible. Your eligibility does not expire and you’re allowed to use this benefit as many times as needed for the rest of your life as long as you pay off the previous VA loan.
Work With An Attorney
These are just a few of the many benefits available to you as a veteran. VA loan programs can be complicated, so we want to help. When you work with an attorney you can get the most out of your VA loan, reaping all the benefits you’re owed for your service. Contact the team at Alvarez Law Group and let us make sure you’re taken care of.
Alvarez Law Group
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