Active Duty Passive Income Blog

Our military oriented real estate investing blog.

 

 

10 Facts About Your VA Loan

Sep 29, 2019

VA Loan Facts

Did you know there are over 21 million veterans and nearly 1.35 million active-duty military who could be eligible to purchase a home with a VA loan? However, many do not understand how it works which prevents them from trying to obtain homeownership. Here are a few facts to help:

 1. No down payment or mortgage insurance

One of the biggest advantages! You don’t need a down payment. Most mortgage programs require at least 3.5 percent to five percent down. A huge savings for our veterans!

With a VA loan, you also avoid steep mortgage insurance fees. At 5 percent down, private mortgage insurance (PMI) costs can be $150 per month or more on a $250,000 home, depending on the buyer’s credit score. This buyer could afford a home worth $30,000 more with the same monthly payment - simply by eliminating PMI. Using a VA loan saves you money upfront and increases your buying power.

2. Use your benefit more than once

You have a total entitlement of $484,350 in El...

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