10 VA Benefits For First Time Home Buyers
Design by Diana Walton- Houston First Time Home Buyer Specialist
Hello and welcome to Houston First Time Home Buyers Edition, where we provide useful information to help Houston first time home buyers make the most informed decision when it comes to buying, decorating, and maintaining their first home.
Backed by the U.S. Department of Veterans Affairs, VA home loan is in place to help Veteran, service members, and their survivors, buy, improve, or build a home. Although they will still need to meet the credit and income requirements for the loan amount they want to borrow, these loan tends to offer better terms than most. Here are 10 benefits that VA loan offers.
No down payment is required.
Refinance option is available.
Lower mortgage rates.
Closing cost can be rolled into the loan.
Higher debt-to-income ratio is allowed.
No pre-payment penalty if you choose to pay your loan off early.
You may be able to “restore” an entitlement you used in the past to buy another home with a VA direct or VA-backed loan.
No private mortgage insurance (PMI)
Can be used for various type of properties.
Help is available if you are having trouble making your mortgage payments.
If you have served for at least 90 continuous days, without a break in service, per the U.S. Dept. of Veterans Affairs, you meet the minimum active-duty service requirement.
To request a copy of your Certificate of Eligibility (COE) or for more information, please visit va.gov. As always, thank you so much for stopping by. Remember, if you are thinking of purchasing your first home, please contact us. We are here to help. We have been helping Houston first time home buyers since 2011 and we can help you. I hope you have an amazing day. Until next time...Diana
