Created before the close of World War II, the VA home loan advantage has assisted billions of veterans, service members and military families achieve the dream of being homeowners. Today, in many ways, it’s more substantial than ever.

VA loan volume has soared in the wake of the Great Recession. It is driven in large part by historically low rates and increasingly tougher lending requirements. The VA loan provides crucial financial benefits that make home buying possible. Possible for a score of veterans who might not otherwise qualify.

INCREDIBLE ADVANTAGES OF VA HOME LOANS

Here’s a look at three of the biggest benefits of these long-cherished home loans:

NO DOWN PAYMENT WITH A VA HOME LOAN

Currently, most home loan programs need some type of down payment. Although I don’t need 20% down to buy a home. The conventional home loan generally needs a minimum down payment between 3% and 5%. I’ll need a minimum of 3.5% down for an FHA home loan.

A VA home loan, however, is an exception to the rule. If I have full entitlement, a VA loan will enable me up to 100% financing. It indicates that I can purchase a house with absolutely no down payment. This allows many people to purchase sooner and I don’t have to drain my savings on a home purchase.

Whether you’re brand new to invest or have closed a few deals, our updated real estate classes will cover everything you need to know about real estate. Expert investor Raheel Shehzad explains the best real estate strategies to help get you on the path towards a better financial future.

BUY A HOME WITH NO MORTGAGE INSURANCE

Another notable advantage of a VA home loan is that I don’t pay mortgage insurance. Mortgage insurance is typically required when a borrower puts down less than a 20% down payment. This is an annual premium paid monthly by the borrower. Yet the insurance protects the lender in the event of default.

Private mortgage insurance with a conventional loan ranges from 0.55% to 2.25% of the original loan amount per year. The FHA mortgage insurance averages around 0.85% of the original loan amount per year.

Despite being a “no money down” mortgage plan, VA loans don’t need that I pay mortgage insurance. This can help keep my monthly payment and mortgage costs affordable.

If all of this sounds exciting to you, you’re probably ready to pursue a career as a real estate agent! Our team at Illinois Brokers Academy is here to help you with our real estate courses for any real estate career you want.

ENJOY FLEXIBLE CREDIT REQUIREMENTS

As with any loan plan, my credit history determines whether I qualify. The affirmative news is that the U.S. Department of Veterans Affairs doesn’t set a minimum credit score for approval. Instead, each mortgage lender decides its own minimum credit score. On average, lenders set their minimum between  600 and 660.

We have real estate courses for every career choice so that you can steal the real estate show. See these courses and all of our student resources to begin expanding your real estate skills today.

INTEND TO APPLY FOR THE VA LOAN?

If you’re ready to get started, or just want to get more information on the process, the first step is to get multiple rate quotes with no obligation. You can then discuss qualifications, debt to income ratios, and any other concerns you have about the process with the lenders.