VA Mortgage Loan Benefits in Albuquerque, NM
The Department of Veterans Affairs offers one of the biggest benefits to service members: a VA home loan. These loans have many advantages that make them lucrative to those eligible for them.
Eligibility for a VA Loan
VA loans are generally open to certain service members and their spouses who:
- Received an honorable discharge or are on active duty
- Have a credit score of 620 or above
- Have the financial means to repay the loan
- Plan to use the home as a primary residence
Determining eligibility can sometimes be confusing. An experienced loan officer at Infiniti Mortgage, LLC can help determine whether or not you qualify for a VA home loan.
Benefits of a VA Loan
VA loans offer many benefits, including:
- Low interest rate – All VA loans are offered at a pre-determined low fixed interest rate.
- Lower monthly payment – Monthly payments will not be as high because payments will be determined by a low, fixed amount of interest and no PMI.
- No down payment – On VA loans, a down payment is not usually required. This means that you’ll have to pay much less up-front when you buy a home using a VA loan
- Low closing costs – Closing costs are required to be minimal by the Department of Veterans Affairs. On a VA loan, closing costs are much lower, potentially saving you hundreds or thousands of dollars.
- No private mortgage insurance – Since the Department of Veterans Affairs insures the loan, the borrower does not have to take out additional private insurance and that can save you thousands of dollars over the term of the loan.
To see how a VA mortgage loan can save you money, schedule an appointment with an experienced loan officer from Infiniti Mortgage, LLC. By analyzing your personal financial information, they can better estimate. They will analyze your particular situation to estimate your savings over the term of the loan.
Contact us Today
For more information about VA loan benefits or eligibility requirements, contact Infiniti Mortgage, LLC today. We’ll sit down with you, face-to-face, to discuss your options!