Advantages of the VA Loan

Protecting our nation is one of the most heroic things an American can do. And it'snot an easy task. To be in the military means you have to sacrifice a lot for the goodof the country, which is why servicemen and servicewomen, as well as veterans, deserveto be compensated for their bravery and courageous efforts to serve our nation.

To give back to these brave men and women, the US government offers a special VA loan,which is a great opportunity to afford the American Dream and be a homeowner. VA homeloans are exclusive to those who bravely served our country and are available to thosewho have served our country and offer a number of advantages. Here are some of thosebenefits.

1. No Down Payment

When you purchase a new home, you are required to come up with a certain amount ofmoney for the down payment. This can range depending on the total price of the homeand can often be an expense that is quite costly. Many families have to save up foryears to afford a new home's down payment. But with a VA home loan, that down paymentis waived in the majority of cases. This means a veteran can become a homeowner withno money down, allowing them to have a piece of the American Dream a lot easier. It'sthe only loan available today with no down payment!

2. Lower Interest Rates

Another benefit of this loan is that the borrower usually gets a lower interest ratethan what's ordinarily available with other types of loans. This translates to lowermonthly payments and the borrower will be able to pay down the amount of their loan alot faster than others with a higher interest rate.

3. No Private Mortgage Insurance (PMI)

As a result of the housing recession that happened some years ago, banks are nowinsuring themselves in case anything like that happens again with the addition ofprivate mortgage insurance, which is an added fee to loans that don't have the needed20% down payment of the appraised value of the home. This insurance protects thelender if you ever default on your monthly payments. Since military men and womendon't need a down payment, they are not required to have PMI and this results in lowermonthly mortgage payments.

4. Added Features

In addition to the aforementioned advantages, a VA home mortgage also offers benefitslike: the right to prepay the loan without any penalties; the mortgage can be takenover by the buyer when the home is sole; and special counseling and help to veteranborrowers who are having financial difficulty.

There are some VA home loan requirements that a veteran will have to meet before theyare eligible for the loan. Contact American Hero Mortgage (serving the Dade, Browardand West Palm Beach areas) to find out more information and to see if you qualify forthe loan.

For more information about VA home loan facilities for veterans, police, nurse & fire

fighters visit www.americanheromortgage.com/Home