How Does Saved Listings Work?

To save a listing to your list of favorites, click into the listing you're interested in and simply click the "Save Listing" button from the listing details page.

You have now saved your listing!

To view your saved listings, click on the top " Saved Listings" link at the top of the screen near the menu. Save as many as you want and catalog them with this easy-to-use feature!

This feature works by storing an HTTP cookie on your machine to store and retrieve your list of favorites. To clear all favorite listings, simply clear out your browser's cookies (under the browser's settings).

Real Estate Tips

« Back | Home

Advantages of VA Home Loans: A Soldier's Ally

For those who have served in the military, the dream of owning a home is not only attainable but comes with unique advantages over buyers utilizing conventional loans. VA home loans, backed by the U.S. Department of Veterans Affairs, are designed to make homeownership more accessible for veterans, active-duty service members, National Guard members, and surviving spouses. In this guide, we'll explore the ins and outs of VA home loans, shedding light on the advantages they offer to those who have served our country.

VA Home Loans vs. Conventional Loans

 

  1. No Down Payment vs. Down Payment Dilemma
    VA Home Loans: One of the most compelling advantages of VA loans is the absence of a down payment requirement. Eligible veterans and active-duty service members can secure a home with no upfront cash, making homeownership more accessible.

    Conventional Loans: Traditional mortgages often require a substantial down payment, typically ranging from 3% to 20% of the home's purchase price. This upfront cost can pose a significant barrier for many potential homebuyers.

  2. Competitive Interest Rates
    VA Home Loans: VA loans often come with competitive interest rates. The U.S. Department of Veterans Affairs guarantees a portion of the loan, reducing the risk for lenders and allowing veterans to enjoy favorable terms.

    Conventional Loans: Interest rates for conventional loans can vary based on factors such as credit score and market conditions. Borrowers with excellent credit may secure competitive rates, but others might face higher costs.

  3. No Private Mortgage Insurance (PMI)
    VA Home Loans: VA loans do not require private mortgage insurance (PMI), another substantial cost savings for borrowers. This insurance, mandatory for conventional loans with a down payment less than 20%, can add a significant amount to monthly payments.

    Conventional Loans: Borrowers opting for conventional loans with a down payment below 20% are typically required to pay PMI until they reach a certain level of equity in their homes.

  4. Lenient Credit Score Requirements
    VA Home Loans: VA loans often have more flexible credit score requirements compared to conventional loans, making homeownership achievable for those with less-than-perfect credit.

    Conventional Loans: Conventional mortgages may have stricter credit score criteria, potentially limiting access for individuals with lower credit scores.

  5. Assumption of VA Loans
    VA Home Loans: VA loans are assumable, meaning that if a homeowner needs to sell, a qualified buyer can take over the existing VA loan, potentially at a lower interest rate.

    Conventional Loans: Conventional loans are typically not assumable, limiting the transferability of the mortgage to a new buyer.

VA home loans stand as a powerful and well-deserved benefit for those who have served our nation. Aspiring homeowners within the military community should take advantage of this program, unlocking the door to homeownership with the support and benefits they've earned through their service.

Ready to Make a Move?

If you’re looking to buy a home, whether you're a veteran or not, working with a hyper-local agent will be key. An agent who has specialized knowledge about your local housing market and finance options will make all the difference. Blue Ridge Properties has you covered. Browse our agents here: https://www.brphomes.com/Agents, contact us online, give us a call (423-247-4181), or stop by one of our offices to chat.