Why Use Your VA Loan Benefit?

The guarantee VA provided to lenders allows them to provide you with more favorable terms, including:

• No down payment unless required by the lender or the purchase price is more than the reasonable value of the property

• No private mortgage insurance premium requirement

• VA rules limit the amount you can be charged for closing costs

• Closing costs may be paid by the seller

• The lender can't charge you a penalty fee if you pay the loan off early

• VA may be able to provide you some assistance if you run into difficulty making payments

You should also know that:

• You don't have to be a first-time home buyer

• You can reuse the benefit

• VA-backed loans are assumable, as long as the person assuming the loan qualifies