Tens of millions of army veterans are eligible for VA loan benefits if they simply secure their eligibility and sign up.  The US government is in debt to the courageous men and women who have served for this country, so if you are a proud armed services veteran, there should be nothing stopping you from appreciating the low VA rates and many other benefits of this kind of mortgage.  Here are the top benefits of VA loans.

First, many veterans appreciate the fact that they can get into their new home after procuring one of these no money down loans.  Also known as a 100% mortgage, VA loans allow there to be no down-payment required because this large sum of money typically essential to securing a home is what prevents many prospective homebuyers from being to see their dream come true.  People who have devoted at least four years of their lives to serving their country deserve this along with all the other VA mortgage benefits.

Next, VA home loans have very low rates considering that there is no down-payment required.  Low VA mortgage rates are comparable to those seen with conventional mortgage rates, but conventional mortgages require 10 to 20% down-payments.  With the ability to secure such good rates on no money down loans, why would veterans look elsewhere?

The VA loan benefits do not stop there.  Did you know that VA loans don’t have monthly insurance payments like FHA?  This means that the famously low rates associated with FHA mortgages still can be beat by low today’s VA mortgage rates because there is no additional insurance cost on top of the monthly mortgage payment.

Finally, you can experience rate protection with VA Streamline Refinance if rates drop.  This program has no down-payment required and can transform your 100% mortgage into one with lower monthly payments.  To qualify, the new interest rate must be lower than your current one, the principal and interest amounts must be reduced, and you need to have made the last year of payments on time.

A vast majority of veterans who could not find approval for conventional mortgages find that VA loan benefits are better than what is offered by other loan opportunities.  No down-payment required, rate protection with VA Streamline Refinance if rates drop, and the fact that VA loans don’t have monthly insurance payments like FHA are all fantastic benefits that can be yours today.