Veterans are individuals who deserve respect and all the applause for their service to the nation. If you are a veteran who is looking for a loan, then there is good news you can now avail mortgage loan which comes with unique benefits making it easy for you to get keys for your dream house. Let us learn about the benefits exclusive that veterans enjoy with Mortgage loan.
Benefits of Mortgage loan for benefits
- No Down Payment
One of the things individuals struggle with before buying a house is saving for a down payment. While the option for zero down payment was earlier available for all, however now things have changed, but not for veterans. With no necessity for a down payment, you do not have to take money out from your savings or retirement emergency fund. You can also use your savings for repairs and renovation later.
- No Private Mortgage Insurance
For lenders who cannot give 20 percent of the quote home price, have to get private mortgage insurance added to the total loan amount, for the risk of the loan being defaulted. However, with the veteran mortgage loan, as the federal government backs the loan, the risk is eliminated.
- Basic Allowance for housing
The veterans are offered a basic allowance for housing, which can be counted as a source of income. This allowance can also be used for making the mortgage payment.
- Better Interest rate
Apart from the above-mentioned benefits, veterans also enjoy favorable mortgage loan interest rates. Due to the government backing on these loans, the risk of failure is low, which is why lenders charge lesser interest rate of Mortgage Loan for veterans.
With so many benefits, for veterans building a dream house is easy and simple. If you too are a veteran then you can now visit your nearest lender, or apply online for a Mortgage Loan and get all the above benefits.
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