The Benefits of Using a VA Loan

Hello Hampton Roads,
Given that Virginia is home to many military members and veterans, it's no surprise that VA loans are a popular choice among eligible home buyers.  According to the U.S. Department of Veteran's Affairs, in the 3rd quarter of 2021 there have been 8,021 VA purchase loans with in the state with an average loan amount of $430, 372.00.  Keep in mind that the average purchase price is skewed higher becuase of more expensive housing markets like Washington, D.C. 

VA Purchase Loans

VA loans are one of the best loan options that makes home ownrship more affordable! Here are some of the benefits of using a VA loan:
  • Zero down payment (100% financing of the purchase price)
  • No private mortgage insurance (PMI) required 
  • Very attractive interest rates
  • Many lenders allow higher debt to income (DTI) ratios with a VA guaranteed loan
  • No specific credit score required by the VA so it is up to the lender and many lenders are more lenient with lower scores
For first time home buyers, the benefits get even better. Virginia Housing offers a closing costs assistance grant which may be paired with their VA loans so buyers can have the combined benefit of both zero down and having up to 2% of their closing costs covered. The closing costs assistance grant is a true grant which does not requirement any repayment. 

If you'd like to learn more about purchasin a home using a VA loan, contact me for a free home buyer consultation and if you'd like to learn more about purchasing a home in general, be sure to register for the upcoming home buyer seminar here:


Instant Home Value