Military personel often spend a lot of time away from their families and it is important for many of them to know that their families have stable housing while they are away.
One way our military helps to provide that is through providing access to home loans.
For veterans who are first time homebuyers there are some excellent benefits to using a V.A. loan. For example - a first time homebuyer may be able to buy a new home with no down payment if the home is worth 719,000 or less. There is also provision for the seller to pay all of the closing costs up to 6% of the loan, therefore cutting down even further on out of pocket costs for eligible veterans.
For a veteran who is already in a home it may be worth looking into refinancing. V.A. loan rates are at record low levels so if your current loan rate is higher than 5% refinancing may be beneficial. Lowering your loan rate by just 1% can drop your monthly payment by $100 - $600 dollars.
If there is a need for some extra cash a veteran may also want to check out the cash-out refinance program to access equity that has been built up.
All these benefits can be checked out in further detail at www.VA.gov or learn more about the VA streamline homeloan features.
This is a sponsored blog post.