VA loans make homes more affordable for veterans
VA loans help make buying a home more affordable for veterans, active duty military personnel, and family members who qualify. Benefits of the VA home loan program include:
- 0% down payments
- Competitive rates
- No minimum credit scores
- No private mortgage insurance
- Faster refinances than conventional loans
- Benefits for surviving spouses
Freedom Mortgage is the #1 VA Lender1 in the USA. We are proud to help veterans and their families achieve the dream of owning a home. We are passionate about serving those who have served our country. And we are committed to offering great customer service and a smooth loan approval process.
1. Inside Mortgage Finance, 1Q2020
VA loans versus conventional loans
VA loans are a great choice for veterans who want to live in the house they are buying. Compared to conventional loans, VA loans have no down payments, no minimum credit score requirements, competitive interest rates, no private mortgage insurance, and more.
You can only buy a primary residence with a VA loan. You can't use a VA loan to purchase a vacation home, investment property, or rental property. You can use a conventional loan to buy these types of property if you qualify.
VA loans have limits on the amount of money you can borrow. Conventional loans also have limits, although borrowers who qualify may be able to get a jumbo loan to buy more expensive properties.
Both VA and conventional loans have additional costs added to their loans. Conventional loans have an application fee and closing costs. VA loans include a funding fee that is dependent on the amount of your down payment. This fee can be rolled into the closing costs.
Ask our Loan Advisors about VA home loans and home loan refinancing! Call us at 877-220-5533.
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VA loan calculator with taxes and insurance
Use our payment calculator to get estimates of how much your monthly payment might be with a VA loan and how much house you might be able to afford. The calculator includes fields to input the potential costs of property taxes and insurance.
When you change the values in any of the fields, the calculator will automatically update the results. Keep in mind you don’t have to make a down payment with a VA loan but making a down payment can reduce the total amount of money you might pay in interest over the life of the loan.
Tips & Insights
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How VA loans make financing a house more affordable for veterans
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