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I was leaving South Korea for Hampton Roads, Virginia and this Military Loan Company came thru in a time of need for me and my family! I received my $500 dollars spending cash for the holidays!
If you are in the market for a home loan, you might consider giving the government a call for a VA Loan.
Department of Veterans Affairs home loans — VA loans for short — are a popular option with home buyers. In the past fiscal year, the US government has guaranteed over 498,000 VA loans totaling more than 63 billion dollars.
There is good reason for this large quantity of VA Loans. The loans do not require a down payment and they are readily available from most lending institutions. Plus, the government puts a limit on the amount of closing costs and origination fees the institutions can charge, as well as the appraisal fees. In general, the loans are available to veterans, active service members, reservists and members of the Public Health Service.
Another big benefit to VA home loans — no private mortgage insurance. Not only does the VA not require PMI, it also prohibits lenders from requiring it.
Bob Finneran, the VA’s assistant director for loan policy and valuation says, “We’re putting a guarantee on the loan, so we’re not expecting them to get other insurance and charge the veteran for that,” he says.
Much pride comes with the ability to have a home of your own. However, the other side effects of home ownership may weigh more heavily on your choice whether to rent or own.
Owning a home lets you build equity with every single payment you make on time. As a matter of fact, this can be looked at like a savings program.
In addition to building equity, owning a home also helps out during tax time as both real estate taxes and mortgage interest can be deducted from federal and sometimes state income taxes.
Some people like the stock market, some people like their Certificates of Deposit. However, many analysts agree that land and home is a more solid investment option. In addition, the increased value of your home allows you to acquire lower interest on loans for any reason by borrowing against your home’s equity. (See home equity loan.)
Owning a home is not right for everyone, but these benefits deem it worth every renter’s time to consider.