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VA Loans

This month’s FireWatch VET TIPS focuses on real estate. Everyone needs a place to live. For veterans and service members, your VA eligibility may be the key to home ownership. The FireWatch team asks mortgage lender Bryan Snyder to share some facts about the VA Loan.

Home purchasing is one of the most significant investments a person can make in their lifetime. For many, it is a dream come true to own a home, but the process of buying one can be challenging. One option available to veterans and active-duty military personnel is the VA loan. This loan program offers many benefits that can make the home-buying process easier and more affordable.

One of the most significant advantages of using a VA loan to purchase a home is that there is no down payment required. The VA loan allows veterans and active-duty military personnel to buy a home without saving up for a down payment, which can be especially beneficial for those just starting out in their careers or who may not have a lot of savings.

Another benefit of using a VA loan is that no private mortgage insurance (PMI) is required. PMI is typically required when a borrower puts less than 20% down on a home purchase. This insurance can add hundreds of dollars to the monthly mortgage payment, making it more difficult for some borrowers to afford their homes. With a VA loan, borrowers do not have to worry about this additional cost.

VA loans also offer competitive interest rates. Because the government backs the loans, lenders are often willing to offer lower interest rates than they would for other types of loans, saving VA borrowers thousands of dollars over the life of the loan.

In addition to these financial benefits, VA loans offer some unique features that make the home-buying process easier. For example, VA loans do not require a minimum credit score, and although lenders may have their own requirements, the credit score leeway can be beneficial for those who may not have a high credit score but have other factors that make them good candidates for a loan.

Another unique feature of VA loans is that they allow for more flexible underwriting standards, allowing lenders to overlook certain issues on a borrower’s credit report or income history that would disqualify them from other types of loans. These acceptions can be especially beneficial for buyers who have had financial difficulties but are now in a better position to afford a home.

Finally, VA loans offer some protections for borrowers unavailable with other types of loans. For example, if a borrower experiences financial hardship and is unable to make their mortgage payments, the VA may be able to help them avoid foreclosure by working with the lender to come up with a repayment plan or other solution.

Overall, there are many benefits to using a VA loan to purchase a home. From no down payment and no PMI to competitive interest rates and flexible underwriting standards, these loans offer many advantages that make the home-buying process easier and more affordable for veterans and active-duty military personnel. If you are a veteran or active-duty military member considering purchasing a home, explore your options with a VA loan.

BRYAN SNYDER

NMLS #108432

Branch Manager/RMLO | Geneva Financial, LLC

O: 360-910-4756| M: 360-910-4756

E: bsnyder@genevafi.com | BryanSnyderHomeLoans.com

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