By Bill Lyons | Updated on February 5, 2024
TABLE OF CONTENTS

    Veterans are able to receive home loans backed by the government at a lower rate than the general public. As conventional loan rates begin to creep back up, VA loans get even better. Here are the top four benefits of a VA loan.

    Payments Are Lower
    No mortgage insurance and lower interest rates than conventional loans means lower overall payments. There is only a small funding fee that usually gets financed into the loan. Veterans with disabilities don’t have to pay the funding fee at all.

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    No Down Payment Required
    The most defining benefit of a VA loan is that qualified buyers do not have to pay a down payment. This can save 1,000’s of dollars seeing as the average person puts about 20% down when they purchase a home. Making VA home loans great for first time buyers.

    Relaxed Credit Standards and Flexible Requirements
    Since VA loans were created to help get Veterans in to homes that otherwise wouldn’t be able to, they are a bit more lenient. The VA tends to be more forgiving when it comes to a borrower’s credit score or how soon a veteran can purchase after experiencing a bankruptcy, foreclosure or short sale.

    Limits on Fees
    The VA puts limits on what expenses the borrowers are allowed to pay, such as termite or pest inspections and closing costs.

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    Bill Lyons

    Bill Lyons is the Founder, CEO & President of Griffin Funding. Founded in 2013, Griffin Funding is a national boutique mortgage lender focusing on delivering 5-star service to its clients. Mr. Lyons has 23 years of experience in the mortgage business. Lyons is seen as an industry leader and expert in real estate finance. Lyons has been featured in Forbes, Inc., Wall Street Journal, HousingWire, and more. As a member of the Mortgage Bankers Association, Lyons is able to keep up with important changes in the industry to deliver the most value to Griffin's clients. Under Lyons' leadership, Griffin Funding has made the Inc. 5000 fastest-growing companies list five times in its 11 years in business.