Benefits of VA purchase (min credit score, no down payment, etc.)
What are my VA benefits?
our commitment to our country as a servicemember earns you home buying and refinancing benefits. VA-backed loans provide numerous perks for borrowers such as:
You are potentially qualified if you’ve spent:
- No down payment
- No private mortgage insurance (PMI) premium required
- Up to 100% financing available
- Low interest rates
- Easier credit requirements
- Limits on closing costs
- Closing costs may be paid by the seller
- Streamlined refinancing process (VAIRRRL)
- No penalty fees for paying off a loan early
- VA assistance provided if you have difficulty making payments
Additionally, you benefit from the following:
- You do not have to be a first-time home buyer
- VA-backed loan benefits are reusable
- VA-backed loans can be assumable