If you’re a veteran in Pittsburgh considering a VA home loan, here’s what other Realtors might not tell you—we’re spilling the tea.

The Basics

1. No Down Payment Required

You may be asking yourself, are VA loan down payments the same at all banks? One of the most well-known advantages of VA loans is that they often require no down payment, a great front-end incentive.

2. Lower Interest Rates

Another typical question that veterans ask us: is the VA loan 0 interest? The short answer - no. But, VA loans typically offer lower interest rates than conventional loans. While the percent difference shown may not sound like much, the savings add up over the life of the loan. Check out CNN’s VA home loan interest rate chart to see the latest rate changes!

3. No PMI

Unlike conventional loans, VA loans do not require private mortgage insurance.

4. Flexible Credit Requirements

VA loans are more forgiving when it comes to credit scores, making homeownership more accessible. Looking for a VA home loan with a 650 credit score or less? Get in touch with us to explore VA home loans for veterans with bad credit.

5. Limits on Closing Costs

The VA places limits on what you can be charged in closing costs. These may vary but generally fall within a range of 1-6%.

What They Don’t Tell You

2. Foreclosure Avoidance

The VA does tremendous work to keep veterans from losing their homes. This translates into less risk for lenders and lower rates for borrowers.

3. Spouse Eligibility

Spouses of fallen military service members may be eligible if they have not remarried. Veteran assistance doesn’t end with the veteran, the VA works to extend benefits to families as well. Even if you aren’t personally a veteran, you may be eligible for a VA home loan in 2024.

4. VA Home Loans are Assumable

Have you been wondering: are VA home loans assumable? Well, the answer is yes! This means a borrower can take over a VA home loan even if they are not eligible for VA loans.

5. Benefits Never Expire

Once you establish eligibility for VA loan benefits, it lasts for a lifetime! Learn more about who is eligible for a VA home loan in the VA Buyers Guide!

The Fraser Team Can Help

If you’re ready to explore your options, we’re here to help! Our qualified, passionate team can make all the difference when it comes to your Pittsburgh VA home loan. Reach out today and let’s discover what works for you together.

Check out the resources we offer on our website, or reach out here to get started working with us.

What Other Realtors Don’t Tell You About VA Home Loans