Pittsburgh VA Loans
Are you a qualified veteran looking to relocate to Pittsburgh? You may not be aware of the fact that you can take advantage of the many benefits of the VA Home Loan Guaranty Program. The Program has been helping veterans and their families fulfill the dream of homeownership for years. Today, the VA has made the entire loan process even more simple and affordable for all its veterans and current military personnel. Here are just a few of the many benefits you will receive when you apply for a Pittsburgh VA Loan.
No Down Payment
While conventional loans typically charge anywhere from 5 – 20% for a down payment, when you go through the VA this fee is completely waved. This is great for everyone, especially young couples who may not have the necessary capital saved up for big down payments.
Low Interest Rates
As a member of the US Military with a VA Loan, you are a very desirable borrower to private lenders. Because of this, they are often willing to give you an interest rate that is below the current mortgage market rate.
With a Pittsburgh VA Loan, a portion of the loan is guaranteed by the VA. This is the same as insuring it for you, so you won’t need to purchase any additional private monthly mortgage insurance.
Flexible Repayment Plans
Not everyone has the same level of income or saving habits, which is why the VA offers five different repayment plans. These plans include traditional fixed, traditional ARM, hybrid ARM, graduated payments mortgage and growing equity mortgage. A lot of first time homebuyers use the graduated payments mortgage because the payments start out very low in the beginning, giving them more money to spend on other bills.
Minimal Closing Fees
The VA charges a one-time program fee that will never be more than 1% of the total loan amount. This fee can also be waved in some situations. Additionally, while you will incur closing fees, the VA has put a cap on this amount. You also have the option of rolling the closing fees into the cost of the loan in some circumstances.
Let us help you! We have a team of VA specialists ready to help you get started in obtaining a VA Loan today. Simply fill out our free 1 minute quote form