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Take advantage of VA mortgage rates if you are a military veteran looking to buy a home. The VA loan was signed into law after world war two. This bill has been helping veterans buy their first home ever since.
Take advantage of VA mortgage rates if you are a military veteran looking to buy a home. The VA loan was signed into law after world war two. This bill has been helping veterans buy their first home ever since. 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. The conventional loan is subject to PMI or private mortgage insurance. PMI is an insurance policy on the loan and is taken out in favor of the lender. The amount of the loan is insured so that if the borrower defaults the lender receives from the insurance policy the amount due on the loan. 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 home owner is the foundation of a strong and proud nation. The home owner takes pride in his or her community more than someone who rents a home. People who take pride in community make better members of society. The home is the bedrock of the family. The stronger the family the stronger the community and the stronger the community the stronger the country which is made up of communities. The family living in the house they own grows up more secure and confident. 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. The bill has helped many veterans help themselves by providing them a home to raise their family and make their community strong. It has been one of the most influential plans in the country's history. For all military veterans it is a reward for service to the country. Take a look at this benefit all veterans should apply for. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. You need someone you can trust to handle your VA streamline refinance. Check us out today at www.MyVaRefinance.net and get a quote on VA mortgage rates today. Let us show you what superior customer service is all about! |