VA Loans - Helping Veterans and Active Duty Service Members Buy A Home.

The VA Home Loan was created in 1944 to help service members purchase homes when returning from duty without the standard requirements of a down payment or excellent credit score. VA Loans are issued by private lenders, guaranteed by U.S. Department of Veterans Affairs (VA), and available to veterans, active duty service members, National Guard members, and reservists who meet the basic service requirements set forth by the Department of Veterans Affairs. Spouses of military members who died while on active duty or as a result of a service-connected disability may also be eligible.

You may be eligible for a VA Home Loan if you meet one or more of the following conditions:

You have served 90 consecutive days of active service during wartime, 

OR

You have served 181 days of active service during peacetime, 

OR

You have more than 6 years of service in the National Guard or Reserves, 

OR

You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.

Benefits of a VA Loan:

Down Payment

VA Loans require 0% Down for qualified borrowers. Conventional Loans vary but many require up to a 20% Down payment.

PMI (Private Mortgage Insurance)

Since VA Loans are government backed, banks do not require you to buy Private Mortgage Insurance. Private Mortgage Insurance is a requirement for borrowers who finance more than 80% of their home's value, tacking on additional monthly expenses.

Interest Rates

The VA guaranty gives lenders a greater degree of safety and flexibility, which typically means a more competitive rate than non-VA loans. Without government backing, banks are taking on more risk which, in turn, can result in a less-competitive interest rate on a conventional home loan. Even with interest rates on the rise, VA Loans consistently have the lowest average interest rates of all loan types.

Qualifying

Because the loan is backed by the government, banks assume less risk and have less stringent qualification standards for VA Loans, making them easier to obtain. Conventional options hold stricter qualification procedures that can put homeownership out of reach for some homebuyers.

Closing Costs

There are limitations on VA Loan closing costs. Sellers can pay all of a veteran buyer's loan-related closing costs and up to 4% in concessions in some cases.

At BRG, we're honored to help our veterans and military members with their home-buying needs. For more information or to find out if you or a loved one would qualify to use the VA Home Loan Benefit, don't hesitate to contact us! Thank you for your service!