VA Home Loan Advantages
Learn more about the benefits of a VA home loan in Florida
The benefits of a VA home loan are wide-ranging, and most of these advantages aren't commonly available with a conventional mortgage. In fact, even other government-backed mortgage products can’t even offer the same benefits of a VA home loan, which we’ll outline below:
- VA home loans don’t require any down payment in most instances
- VA home loans don’t require private mortgage insurance
- VA home loans are also available to refinance applicants
What Other Advantages Do VA Home Loans Provide?
Along with all the obvious benefits listed above, here's what else a VA home loan has to offer:
The Flexibility of a VA Loan
While VA loans only provide funds to someone purchasing a primary residence, borrowers still have plenty of options in terms of what they want to buy. So whether you’re looking to buy a traditional single-family home, a condo, a manufactured home, or even a brand new construction home, a VA home loan will cover it all, as long as you’re looking to live there full-time. Oh, and did we mention you can also take out a VA home loan to make improvements on an existing home too?
Refinancing Using the VA is Also an Option
You don’t have to be a home buyer to take advantage of a VA loan. In addition, the VA also provides interest rate reduction refinancing loans, which of course are specifically designed to help veterans refinance existing mortgages to gain a lower interest rate.
Basic Allowance Housing Counts as Income with VA Loans
In order to maximize how much veterans are able to borrow, Basic Allowance Housing (BAH) is counted as income when applying for a VA loan. This usually allows borrowers to qualify for a higher loan, further adding to the overall benefits and advantages of what a VA home loan provides.