Veterans and active duty military homebuyers have access to one of the most powerful loan programs available today. You can view the section below to see the huge differences between a VA Loan and traditional mortgage options.
If you have any questions at all, please call one of our loan professionals at: 1-407-752-9367.
Traditional Mortgage |
VA Loan |
Up to 20% DownConventional loans generally require down payments that can reach up to 20% to secure a home loan, pushing them out of reach for many homebuyers. |
0% DownVA Loans are among the last 0% down home loans available on the market today. |
PMI RequiredPrivate Mortgage Insurance is a requirement for borrowers who finance more than 80% of their home’s value, tacking on additional monthly expenses. |
No PMI RequiredSince VA Loans are government backed, banks do not require you to buy Private Mortgage Insurance. |
Higher Interest RatesWithout government backing, banks are taking on more risk which, in turn, can result in a less-competitive interest rate on your home loan. |
Better Interest RatesThe VA guaranty gives lenders a greater degree of safety and flexibility, which typically means a more competitive rate than non-VA loans. |
Strict UnderwritingConventional options hold stricter qualification procedures that can put homeownership out of reach for some homebuyers. |
Easier to QualifyBecause the loan is backed by the government, banks assume less risk and have less stringent qualification standards for VA Loans, making them easier to obtain. |
