You made an initial assessment, and the result: you passed the minimum requirements for VA loans in Arlington, TX. However, you are still contemplating whether to go for it or not.
In this post, we are sharing some key factors that may help convince you to consider VA loans:
#1: No down payment – one of the most significant advantages of VA loans is that they often allow qualified veterans, service members, and their spouses to make a home purchase without requiring a down payment. It is a privilege that can make homeownership more accessible and affordable.
#2: Interest rates are competitive – VA loans typically offer competitive rates versus other loan options. It can result in lower monthly mortgage payments and potentially save you money in the long run.
#3: Flexible credit requirements – as opposed to conventional loans, VA loans in Arlington, TX, have more flexible credit requirements. There is no minimum credit score requirement. Instead, VA obligates a lender to review the entire loan profile.
#4: Limited closing costs – there are some fees that the lender cannot require you to pay when you choose to apply for a VA loan in Texas. It is called non-allowable fees (your mortgage broker can help explain this to you, so do not forget to ask).
#5: Private Mortgage Insurance (PMI) is not required – as opposed to conventional loans, VA loans do not require private mortgage insurance. And this can further reduce your monthly expenses, giving you more financial leeway.
#6: Streamlined refinancing options – you may be qualified for the VA’s streamlined refinancing program (known as the Interest Rate Reduction Refinance Loan), which allows you to refinance your existing VA loan with minimal legwork and requirements, resulting in the possible lower interest rate or changing your loan terms.
#7: Foreclosure avoidance assistance – when you apply for VA loans in Arlington, TX, you can get the protection you need versus foreclosure. They have programs and resources to help veterans navigate these challenges and potentially avoid losing their homes.
In need of a mortgage professional to help in your application for VA loans in Arlington, TX? Consider HomePlus Mortgage.
