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5 Benefits of a VA Loan

VA Loan Benefits - Bittinger Team, REALTORS

As one small way to thank veterans and active-duty military for their service and sacrifice, current and former military members are eligible for a Veterans Affairs home loan, or a VA loan. These loans come with distinct advantages so those who fought for the American dream are able to live it for themselves.  

At, not only are we incredibly thankful to the men and women who have served our country, we go the extra mile to understand their unique needs as our valued real estate clients.

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Who Qualifies for a VA Loan?

Veterans, active-duty service personnel, and qualifying reservists or National Guard members are eligible for VA loans. Spouses of active-duty and deployed military members may also be granted power of attorney to carry out the mortgage and home buying process.  


What Are the Benefits of a VA Loan?

There is a right program for every borrower, but the VA loan offers distinct benefits to allow veterans to become homeowners, including:

  1. No Down Payment: Probably the biggest benefit of a VA loan is the fact that they require no down payment. Just don’t confuse this with zero out of pocket expenses. You’ll still have to come up with money for closing costs and an earnest money deposit.
  2. Limited Closing Costs: Besides the advantage of no down payment, veterans are limited to the types of closing costs that may be paid, helping to save even more money at the closing table. Some closing costs a veteran is not allowed to pay include underwriting services, escrow, and tax service.
  3. No Mortgage Insurance: Conventional loans with less than 20% down and FHA loans require borrowers to purchase private mortgage insurance. But with VA loans, that requirement is waived resulting in lower monthly payments.
  4. More Lenient Loan Requirements: The minimum credit score to qualify for a loan can be lower for a VA loan than for a conventional loan. The debt-to-income ratio is also more flexible with this type of loan.
  5. A Government Guarantee: There’s a reason VA loans come with such favorable terms. The federal government guarantees the lender a portion of the loan will be repaid if the borrower defaults. This is what allows lenders to offer such attractive terms.


The Bottom Line

As Realtors in Southeast Michigan, it is our honor to help our veteran clients find a place to call home. We understand many of the ins and outs of each type of home loan, and we can also refer you to lenders specializing in VA loans.

If you need expert real estate assistance, we are just a click or call away. No pressure, no strings – just great service. Contact us today!



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