Let’s talk about the VA home loan benefit. For over 80 years, VA home loans (Veterans Affairs) have helped countless Veterans achieve the dream of homeownership. But even though many Veterans in Chicago, Illinois, are eligible for this powerful program, most aren’t aware of one of its most impactful features.
According to a report from Veterans United, only 3 in 10 Veterans know they may be able to buy a home with no down payment through a VA Loan (see visual below):
That means 7 out of every 10 Veterans could be missing out on a key homebuying advantage, especially right here in Chicago, Illinois, where competitive housing options make every benefit count.
That’s why it’s so important for Veterans, and anyone who cares about a Veteran, to be aware of this program. As Veterans United explains, VA home loans:
“. . . come with a list of big-time benefits, including $0 down payment, no mortgage insurance, flexible and forgiving credit guidelines and the industry’s lowest average fixed interest rates.”
The Benefits of VA Home Loans
These loans are designed to make buying a home more achievable for those who have served. And, by extension, they also allow their families to plant roots and build equity in a home of their own. Here are some of the most significant advantages of this type of loan, according to the Department of Veterans Affairs:
- Options for No Down Payment: One of the biggest perks is that many Veterans can buy a home with no down payment at all.
- Limited Closing Costs: With VA loans, there are limits on the types of closing costs Veterans have to pay. This helps keep more money in your pocket when you’re finalizing your purchase.
- No Private Mortgage Insurance (PMI): Unlike many other loan types, VA loans don’t require PMI, even with lower down payments. This means lower monthly payments, which can add up to big savings over time.
If you want to learn more, your best resource for all the options and advantages of VA loans is your team of expert real estate professionals, including a local agent and a trusted lender.
If you want to learn more, your best resource for understanding your options with the VA Home Loan Benefit is a knowledgeable team of real estate professionals, including a local agent and a trusted lender familiar with the Chicago market.
What Are Experts Saying About? Bottom Line
VA home loans offer life-changing assistance, and a trusted lender and agent can help make sure you understand the details and are ready to move forward with a solid plan.
Do you know if you’re eligible for a VA home loan?
Talk to a trusted lender and connect with real estate agents in Chicago, Illinois, who understand the ins and outs of this incredible VA home loan benefit and the local market.
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