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First Time Home Buyer Why a VA Loan is perfect for first time buyers Buying your first home can be a very rewarding experience. As a first time buyer, there is a lot you need to know and selecting the right loan is definitely one of them. If you are eligible, a VA Loan is one of the best loan programs available, particularly for first time home buyers. Purchase with $0 Down Traditional loans typically require a buyer to provide at least 10 percent of the home's price as a down payment — and with today's stricter lending environment many loan programs require 10-20% down For many first-time homebuyers, supplying that amount of money upfront simply isn't possible putting home ownership out of reach. A VA Loan is perfect for young families and first time home buyers because the borrower can finance 100% of the home's value and purchase with $0 down. The VA is one of the only loan programs that can offer this same benefit. It is Easier to Qualify for a VA Loan Because many first-time home buyers typically don't have a lot of established credit, getting qualified for a conventional loan can be difficult. The credit and income standards are not as strict with VA Loans making the loan qualification process easier. Because the loan is backed by the government, banks do not require PMI (private mortgage insurance) which is an added monthly expense. Interest rates for VA Loans are typically 0.5%-1% lower than conventional loans. These two advantages could add up to big savings. VA Loan - Estimated Monthly Payment Savings Loan Amount 1.0% Rate Reduction PMI Savings Est. Monthly Savings $150,000 $94 $115 $209 $250,000 $156 $191 $347 $350,000 $220 $268 $488 $450,000 $282 $345 $627 *Estimates based the borrower putting $0 down with a 1.0% interest rate deduction. The advantages are real. A lower monthly payment, easier qualification guidelines and the ability to purchase with $0 down make a VA Loan the best option for first time home buyers that qualify
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