Home Loan Benefits for Military Veterans Explained
Buying a home is one of the most exciting events in your life. For veterans and active members of the military, the Department of Veterans Affairs (VA) has put steps in place to ensure your journey to homeownership goes smoothly. The VA home loan program is a beneficial tool for both first-time homebuyers and homeowners looking to refinance. J.G. Wentworth is an approved VA loan lender who will assist you in the process of obtaining a VA loan and taking advantage of the benefits it entails.
What is a VA home loan?
A VA loan is a mortgage loan issued by approved lenders like J.G. Wentworth and is guaranteed by the Department of Veterans Affairs (VA). The VA loan program was created to help active and returning service members become homeowners.
What are the benefits of a VA loan?
- No Down Payment - Qualified veterans and military members are not required to make a down payment when purchasing a home. This allows those who have served our country the chance to purchase a home now without needing years to save up just for a down payment.
- No Private Mortgage Insurance (PMI) Required - Conventional loans require you to obtain Private Mortgage Insurance (PMI) unless you are able to make a down payment of 20 percent or more. For most homeowners, PMI means an additional monthly expense. However, since the Federal Government backs VA loans, PMI is not required.
- Low Interest Rates - VA loans often have lower interest rates than conventional loans. Since the government guarantees VA loans, there is a higher level of safety and flexibility, making it possible for lenders to offer lower interest rates.
- Refinancing Options - When you choose to refinance your home with a VA loan, you have the ability to refinance up to 100 percent of your home’s value. If you qualify, you can take advantage of VA loan refinancing whether your original loan was a VA loan, conventional loan, or another government-backed loan.
Whether you are a first-time homebuyer or looking to refinance, if you are a qualified veteran or active member of the military, you can take advantage of a VA loan through J.G. Wentworth. As a company built by veterans, our VA loan specialists work hard to assist you throughout every step of the process. Contact one of our loan specialists today and experience the difference of working with a customer-service based company like J.G. Wentworth.