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When purchasing a home, you want to pursue the best financial option available when it comes to financing a mortgage as it is a huge financial commitment. As an active military member or a veteran, you are entitled to a VA loan. 

VA loans have been around since the 1940s and are an excellent option for veterans when it comes to purchasing a home. Not only do mortgage firms appreciate working with VA loans as they can be more secure than many conventional loans, but there are also numerous benefits to you as well as the home buyer. Plus VA loans come with little complications and are efficient and effective at getting you into your dream home quickly. 

VA Benefit #1: Down Payments Aren’t Required

One of the most appreciated benefits of a VA loan is that you do not have to put any money down when purchasing a home. There are numerous reasons you may not have a large savings amount as an active member of the military or a veteran and the government recognizes that. The benefit of not having to put a down payment on a house means that you can get a VA loan efficiently and without much hassle for buying a home. However, many financial advisors recommend trying to put even a little bit of money down to help offset your monthly mortgage payment. 

If you aren’t in a rush to purchase a home right away, it is worth taking some time to save a larger sum to help offset your monthly mortgage payment. If you do need to purchase a home quickly, once things have settled, financial experts recommend paying more than the minimum payment on your monthly mortgage payment to help save on interest over time. 

VA Benefit #2: No Credit Score Minimum

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As a member of the military, you likely traveled and moved around a lot. This means your credit score may be all over the place, which is understandable. Thanks to the requirements when using a VA loan, you do not have to have a minimum credit score amount in order to use the loan.

 Unlike conventional loans that require specific credit scores to move forward and impact your interest rate, your credit score with a VA loan has much less of an impact. And once you have purchased your home with the VA loan, you can work on improving your credit score by consistently making your mortgage payments. 

VA Benefit #3: PMI Doesn’t Exist with VA loans

If you have ever had a mortgage with a PMI (private mortgage insurance) rolled into the payment, you know how big of an impact it can make on your monthly payments. When purchasing a home with a VA loan, there is no private mortgage insurance involved which in turn means no extra PMI payment every month. 

This can make a huge difference in your monthly payment and is a major benefit of using a VA loan. Keep in mind you will still need homeowner’s insurance, but that is an entirely separate thing that all homeowners need to protect their home and valuables. 

VA Benefit #4: You Can Use a VA Loan Multiple Times

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When the government created the VA loan, they kept in mind that people move and may own a number of different homes throughout their lives. While you can’t use a VA loan for a vacation property, you can use the same type of loan every time you buy a new property as your primary residence. 

So if you purchase your home in one state or location with a VA loan and find yourself needing to relocate for whatever the reason may be, you can use a new VA loan for your next home too. This means that there isn’t pressure to have to decide when and how to use the loan to your advantage as it will always be available to you when needed. It also means that when you purchase a second or third home later in life you will be familiar with the process, making it even easier to buy a home. 

VA Benefit #5: A Thorough Inspection is Guaranteed with the Loan

The last thing you want to have happen after purchasing a home is to realize the home you purchased has multiple issues that need to be fixed. When going through the process of using a VA loan, the government ensures a detailed and thorough inspection of your potential home as part of the process in using the loan. 

This helps protect you as the buyer from getting into an unwanted situation with a home needing numerous repairs. Even if you are interested in purchasing a fixer upper, it can be hard to know what homes need more repairs than you may realize. This is where the protection from the inspection helps. 

Using a VA loan is an ideal option to take advantage of as a member of the military. You worked hard for your country and the government recognizes that which is why they tried to make VA loans as seamless as possible. When you are ready to think about using a VA loan, ask other veterans about their experience to get tips and tricks about how the process works. Having as much knowledge about the process can help things move quickly and takes away some of the stress of buying a home. 

 It can be helpful to compare the different options available and take some time to do in-depth research about loan requirements. VA loans do not actually come directly from the government, so you can shop for the best available rates from private lenders. Home buying can be both exciting and stressful, but using a VA loan and its numerous benefits helps ease some of the stress and provides as much guarantee as possible when purchasing a home.