Perhaps one of the most important benefits available to servicemembers, veterans, and surviving spouses seeking to buy a new home is the VA Loan Guarantee Program. Under this program the VA will guarantee a home loan thereby serving as a backer of your loan. This allos the qualifying individual to gain several important advantages in terms of their loan. These advantages include, among other things:
- Lower interest rates
- No down payment loans
- Elimination of Mortgage Insurance
- VA home appraisals
- Limitations on closing costs
- Prepayment rights
- Builder warranties
Mortgage insurance alone accounts for a large portion of most mortgage payments, and so taking advantage of the VA Loan Guarantee Program can save qualifying individuals thousands of dollars annually. To learn more about the VA Loan Guarantee Program, see A Veteran's Guide to Home Loans. You may also visit the VA's website, or contact one of the the VA's regional loan centers.