If you are a veteran of the military take advantage of your VA mortgage rates. The veterans administration bill signed at the end of world war two provides for the VA loan. This loan option helps military veterans purchase their first home.
You will be able to apply for the loan if you served in the armed forces and have an honorable discharge. The advantages to this loan over a conventional loan are financial.
If you applied for a conventional loan most lenders require the borrower to pay ten to twenty percent of the purchase price of the home; also called a down payment.
Let us say the loan is for one hundred thousand dollars. The borrower on a conventional loan would have to pay up front up to twenty thousand dollars. This does not count the closing costs and the points on the loan. Points are based on the percentage rate of the loan and vary by lender.
You will also be subject to PMI if you apply for a conventional loan. The PMI is the insurance on the loan. The lender is the beneficiary on the insurance policy. The PMI or private mortgage insurance pays the lender the amount due on the loan if the borrower defaults. The higher the loan amount the higher the insurance premium.
The lender does not pay the insurance premiums. The borrower makes the payments. This means the borrower will pay one hundred dollars or more per month for the private mortgage insurance policy.
The military veteran with a VA loan does not have to make a down payment. The loan is one hundred percent financing. And there are no other such loans in this economy. The government is the insurance policy in essence so the lender does not need to receive a down payment on the loan.
The VA loan is a way the government says thank you to and rewards those who have served in the armed forces. The VA loan has not only benefited military veterans but it has also benefited the country in general.
The foundation of strong county is community. A strong community is based on home ownership. Those who own homes make better citizens. The home owner has pride of ownership.
The home is the bedrock of the family. A strong home means a strong family. And a strong community is made up of strong families. The nation is built on strong communities. The stronger the family the stronger the community. The stronger the communities the stronger the country.
The VA bill signed after the Second World War which provides VA loans was passed in order to make this country stronger after fighting a war so that people could be free.
Since the VA bill took effect is has helped countless veterans purchase houses and raise their families. It is the most effective bill in the last one hundred years to help create a strong and proud country.
If you are a military veteran you deserve a reward for your service to your country. This is a great benefit you need to take advantage of for yourself, your family, and your country.
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