The VA home loan program has been around since 1944, created by the GI Bill of Rights. It has a lot of different benefits, and we're going to go through them and find out how you can qualify.

1. Zero down payment 

For military borrowers, the ability to buy a home without putting down a deposit is a great benefit. Many first-time homebuyers must save for years just to be able to put down a down payment. Borrowers who apply for a VA loan can enjoy little to no down payment.

2. No mortgage insurance

With a conventional mortgage product, buyers who do not pay a down payment of at least 20% must pay mortgage insurance. This will increase your monthly mortgage payment by a few hundred dollars.

When a conventional borrower has built up 20% or more equity in their house, they will no longer need to pay mortgage insurance. FHA borrowers must now pay their premiums for the life of their loan. The upside to VA loans is they do not come with or need mortgage insurance, despite the $0 down payment.

3. Flexible requirements

To qualify for a VA loan, borrowers do not need a perfect credit score! Underwriting requirements may vary from Lender to Lender, but are often more lenient with VA loans as compared to Conventional loans. 

4. Rates and closing costs

On top of that, VA interest rates are much lower than other types of mortgages. VA also sets limits on how much Vets pay in closing costs. 

Plus, if you already have a VA loan and are looking to refinance, the process is streamlined for a fast and easy close.  Call Arc Home today for details!