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The deal with the VA loan is there are three major benefits.

Number one, you can do a hundred percent financing – or, think of it inversely as zero percent down – and not be punished with private mortgage insurance.

That’s a monthly cost where if you’re doing a conventional loan and you’re putting less than twenty percent down, you have to essentially pay a monthly penalty because you’re putting less than twenty percent down.

On VA loans, that’s non-existent.

You put less than twenty percent down, you’re not getting penalized with private mortgage insurance.

Now, on top of that, because we’re getting a guarantee from the VA – they don’t fund the loan, we talk about that in other videos; VA doesn’t fund it, but they guarantee it for lenders – that makes them a little more secure of an investment for lenders.

Meaning that you will typically get more competitive interest rates on a VA loan than a conventional loan.

Now, some folks will ask, “Evan, I see the interest rates are the same.”

Really depends on the lender.

You want to work with a lender who gets the VA.

And if you have someone that works consistently with VA loans and does it a lot, such as us, you will generally see a better interest rate on a VA loan than the conventional loan by far. So, an important one to make sure you take into account.

So, know that those are some of the benefits with a VA loan. Very incredible product.

I’ll even throw in there that VA loans have a very unique ability to do a streamlined refinance called an Interest Rate Reduction Refinance Loan.

The only loan type out there that has an IRRRL and that allows you to do a refi without doing an appraisal, without income verification, and minimal documentation to get it done.

Lower cost, fantastic product.

Watch other videos on that one – on the VA loan, so there’s just some nuances there that military members have that you just don’t get with the other loan products.

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2024 VA Home Loan Guide

VA Guide

This short guide is designed to provide you the most important details of the VA Loan in an easy-to-use format. Print it out and read at your leisure.

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