The lowdown on VA loans

When it comes to homebuying, if you are a veteran, you have a secret weapon at your disposal: the VA Home Loan Benefit. Get to know the advantages of VA loans! It’s a benefit you’ve earned – and this financing option can improve home affordability. In a tight home market, you make think that a VA loan may put you at a disadvantage. But I know how to write the offer to make a VA loan a positive and get you the home you want!

Below is a summary of the advantages of a VA loan.

Thanks to Maureen Elkins, Guaranteed Rate Affinity (maureen.elkins@grarate.com, 860-604-0299, GRARate.com/MaureenElkins ) who provided this information.

The VA loan advantage:

Feature	VA	FHA	Conventional
FICO score	550 minimum	560 minimum	620 minimum¹
Minimum Down Payment Options	0%	3.5%	3% – 5%
Closing costs	Seller can assist 4%	Seller can assist 6%	Seller can assist 3%
Cash-out refi²	Cash-out up to 100% home value	Cash-out up to 80% home value	Cash-out up to 85% home value
Loan options	Up to $3M	Up to $472K (Up to $1M in high-cost areas)	Up to $726K for 1-unit³ (Up to $1M in high-cost areas)

To make your VA loan even sweeter, Guaranteed Rate Affinity will waive all lender fees, saving you $1,440.⁴

Other benefits of VA include:

No Private Mortgage Insurance
Relaxed credit policies
Typically lower mortgage rates

Now do you see why a VA loan can improve home affordability?

The lowdown on VA loans

The VA loan advantage:

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