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veteran, don't let outdated or bad information keep you from exploring your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.
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 $598,000.
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 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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