How VA Loans Can Help You Buy a Home💲🏡🤩

How VA Loans Can Help You Buy a Home

Thank you for your service to veterans and their families. For over 80 years, Veterans Affairs (VA) home loans have helped millions of veterans buy homes in Metro Detroit. If you or someone you know has served in the military, learning about this program and its benefits is important. Here are some key things to know about VA loans before buying a home.

Top Benefits of VA Home Loans

VA home loans make it easier for veterans to buy a home in Metro Detroit. They offer some great benefits for those who qualify. According to the Department of Veteran Affairs, here are some key benefits:

1. No Down Payment: Qualified borrowers can often buy a home without a down payment. This makes saving for a home much easier. The Associated Press says:

   “… about 90% of VA loans are used to purchase a home with no money down.”

2. No Private Mortgage Insurance (PMI): Many loans with down payments under 20% require PMI, but VA loans do not so veterans can save on their monthly housing costs.
3. Limited Closing Costs: The types of closing costs you pay with a VA home loan are limited. This means you keep more money when closing the deal.

Veterans United highlights the importance of these loans:

“For the vast majority of military borrowers, VA loans represent the most powerful lending program on the market. These flexible $0-down payment mortgages have helped more than 24 million service members become homeowners since 1944.”

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