30 year VA mortgage loans provide active-duty military personnel, veterans, and their families the opportunity to buy their own home without all of the headaches and hassles that traditional home loans are known to come with. Of course, to qualify for this type of mortgage you will have to meet certain guidelines set forth by the Veteran’s Administration.
How 30 Year VA Mortgage Loans Work
You can verify your eligibility for this program directly on the website for Veteran’s Affairs, but essentially this mortgage works just like other except that it comes with some fringe benefits.
For a period of 30 years, you can finance your new home with the opportunity to embrace some of the best benefits seen within the world of home financing. You will have to show up to a lender that offers VA loans with your Certificate of Eligibility to qualify.
The Benefits of a 30 Year VA Mortgage
Are VA loans really as good as they’re made out to be? This is a question we see come up repeatedly, so here’s a quick answer to it.
· Most of the time, no down payment is required.
There may be certain situations that require you to have some form of down payment, but this is rare. VA home loans are known for providing true opportunity to pay $0 down to finance the purchase of a new home.
· Say goodbye to pricey private mortgage insurance.
When lenders receive less than 20% down on the real estate that’s financed, they usually require borrowers to obtain private mortgage insurance. It’s no secret that this has led to hundreds of dollars in added costs. VA loans have no requirement for PMI, regardless.
· The lowest interest rates to exist with mortgages.
The closing costs tend to be higher with this type of loan, but you’ll be able to save a lot of money in terms of interest for the life of your VA mortgage. This is one of the benefits that you’ll have to closely consider in order to find out if it’s right for you or not.
As you can see, this is one of the strongest offerings within the financial industry as far as home loans are considered. Also, you can transfer the mortgage to someone else if they qualify for a VA home loan which makes it even more tempting for those who might want to pass on their home.