8 Benefits of VA Loans by ProVisor
At ProVisor, we provide assistance for Veterans to apply for a VA loan for a home or property. Whether you’re a veteran or current member of the military, we have the resources to get you approved and into the home that best fits you and your needs. The U.S. Department of Veterans Affairs (VA) offers multiple programs to aid you in your search for a new home or to refinance your current home. A VA home loan is guaranteed by the U.S. Department of Veteran Affairs, and lenders like ProVisor make this loan eligible to veterans for the purchase of a home.
Benefits of Veterans Affairs (VA) Loans:
- No Down Payments: This is arguably the program's signature benefit. For conventional or FHA loans, there's often a minimum of 3.5 to 5% down needed.
- No Private Mortgage Insurance: Save money on insurance and invest in your home.
- Looser Credit Requirements: VA loans average a credit score of 620 while other loans require significantly higher scores.
- Forgiving DTI Ratios: Higher credit scores can help give veterans a higher DTI ratio.
- Curbing Closing Costs: VA loans help limits fees and charges that are typically required for home buyers to pay.
- Foreclosure and Bankruptcy: You are offered additional chances to reapply for a VA loan even after filing for bankruptcy or going through foreclosure.
- Government Guarantee: Having the government backing up your VA loan helps and encourages lenders to offer veterans VA loans.
- No Prepayment Penalties: Veterans can sell their home during any given time of their mortgage without facing any penalties.
If you are a veteran searching for a reliable VA home loan in Milwaukee, Waukesha, Madison, East Troy, or anywhere in Wisconsin or the Midwest, contact our office today. Set a meeting with one of our knowledgeable loan experts and they will help you apply for a VA loan and get the home you desire. If you have any questions and need assistance regarding VA loans, Provisor is here to help!