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Blog
Military Lending

Understanding the Benefits of VA Loans

Read Time: 6 Minutes April 30, 2024
Topics:
Veterans Military VA Loans Benefits

Explore the array of advantages available to eligible Military personnel and their families, ensuring you make the most of your hard-earned benefits.

Discover how your service is honored through special benefits designed to facilitate homeownership and the purchase of your primary owner-occupied residence.

Benefits of VA Home Loans

  • VA loans are guaranteed by the U.S. Department of Veterans Affairs (VA).
  • No down payment (as long as there’s full entitlement, or the sale price does not exceed the appraised value) can equate to less out-of-pocket costs than other loan programs.
  • Loan-to-value ratio of up to 100 percent, increasing buying power.
  • No private mortgage insurance (PMI), keeping monthly payments lower.
  • Limits on closing costs, which may be paid by the seller.
  • No penalty for early payoff.
  • Loan is assumable when the veteran goes to sell.

VA Home Loans offer Built-in Advantages

Since VA loans are partially backed by the federal government, this enables Newrez to offer these loans to qualified Military borrowers with little or no down payment. Other benefits include:

• A variety of eligible property types: In addition to single-family properties, VA allows VA-approved condominiums, manufactured homes, and even a multi-family residence up to 4 units among others.

• Lasting entitlement: If you pay off or sell a home purchased with VA financing, you may qualify to "re-use" this benefit and purchase your next home with a VA loan.

• A selection of loan types: Our array of VA mortgages includes fixed-rate loans and adjustable-rate mortgages (ARMs). Review the VA Loan Options page for more specific information on VA Loan types.

• High balance loans: You may qualify for a purchase or refinance up to $2.5 million in loan funds with no down payment.

 

This is not a commitment to lend. All loan programs and availability of cash proceeds are subject to credit, underwriting, and property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply.