What Makes a VA Loan Unique?

Are you looking to purchase a home and want to utilize your VA Home Loan to secure a mortgage? Listed below are things you would need to know about VA Loans.

The Down Payment

One of the huge advantages of getting a VA loan is that there is no requirement for a down payment. A down payment is only allowed, if you have the cash and want to lower the size of the mortgage. This is one of the biggest benefits as it allows people to buy a home that would typically have to wait and save.

The Interest Rates

When compared to Conventional or FHA loan, typically, VA loans have a lower and more competitive interest rates. You'll even be able to get those competitive rates without a down payment since conventional loans often require a minimum of 3% up to 20% down payment to removed the Private Morning Insurance (PMI) to get the best possible rate. 

The VA Loan does not have PMI, which is going to save you thousand of dollars over the years since you will have a lower monthly payment and pay less in interest with a VA loan.

The Credit Requirements

A VA loan has a much lower credit requirement - normally 620, instead of the 640 required for a Conventional or FHA, which is designed to help those individuals that are serving or have served this great nation. 

VA loans are a great financial product to use if you have met all of the qualifications for one. When choosing a mortgage, be sure to let your potential lender know that you are serving or have served in the military so you can learn about all the unique benefits of having a VA loan.

The Property Tax Exemption

If you are veteran with 100% disability you can apply and qualify for a property tax exemption of $147,350. The Disabled Veterans' Property Tax Exemption reduces the property tax liability on the principal place of residence of qualified veterans who, due to a service-connected injury or disease, have been rated 100% disabled or are being compensated at the 100% rate due to unemployability. An unmarried surviving spouse of a qualified veteran may also claim the exemption.


NO Down Payment, NO Private Mortgage Insurance (PMI), Veterans w/10% or more disability - VA Administrative Funding Fee is waived and Property Tax Exemption.... Savings + Savings = Savings 

Call Andre S. Hobbs, Military Veteran / Realtor, Coldwell Banker Chula Vista at (619) 777-8920
Andre S. Hobbs, Veteran
Andre S. Hobbs, Veteran
Military-Trusted Realtor (#1 Preferred VA Agent)
864 Amena Court, Chula Vista CA 91910