There
are several myths and misconceptions surrounding VA home loans. Many
Boston,
MA home-buyers are
not aware of eligibility, multiple purchase rules, and safety of
these 0% down loans. As a military veteran, don't let outdated or
bad information keep you from exploring your hard-earned home loan
benefits. In honor of yesterday's Veteran's day here are a list of
four VA Loan myths. Don't let them hold you back!
Myth
#1: VA loans cost more.
In
reality, the interest rates, upfront expenses and closing costs
aren't inherently more with VA loans. Rates tend to be competitive
with conventional loans, if not below. When you also consider the no
down payment requirement and no need for mortgage insurance a VA loan
is very comparable to conventional loans and quite “cheaper” than
FHA loans, both which require minimum down payments and mortgage
insurance.
Myth
#2: You can only use the benefit once.
In
reality, qualified borrowers can use the VA loan program over and
over again. It is also not a benefit exclusively for veterans, a
small percentage of VA loans went to active-duty military in the last
year.
Myth
#3: Your purchasing power is limited.
Qualified
borrowers in most of the country can purchase up to $417,000 without
a down payment. In Boston,
MA the VA loan limit is a bit higher at $500,000. Please
note, this doesn't restrict how
much home you can buy in Boston, MA, but, limits how much
you can borrow before having to figure in a down-payment.
Myth
#4: VA loans are risky loans.
VA
loans actually have the lowest foreclosure rate of any loan on the
market, for nearly all of the last six years. Whether this stability
is due to common-sense underwriting or the VA's commitment to keeping
veterans in their homes, you can feel secure taking out that VA loan.
When
you are ready to purchase your dream home contact
an experienced Boston Real Estate agent. I'm
committed to providing you with the highest quality buyer service. I
am always here should you have a question on a Boston,
MA neighborhood
such as South
End, Fenway,
Beacon
Hill, or any other. I hope to speak with you soon!
Lucas
Garofalo
Keller
Williams Realty
(617)
861-3631
Lucas@LucasBostonHomes.com
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with me:
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