Superior National Bank recently kicked off VA Loan Program Special!
For every VA loan we close prior to August 31st, SNB will donate $100 to the Veterans Honor Flight, which provides veterans a Tour of Honor in Washington D.C.! SNB is very excited to raise awareness for this awesome program while being able to donate to a great cause!
One major advantage of a VA Loan is that there is no down payment required. Here is a list some benefits of VA loans.
- No PMI required
- Lenient credit requirements
- No down payment required
- Easier loan qualifications such as higher debt to income ratios
- Better options for refinancing.
Note: It is required that the buyer provides a certificate of eligibility from the Veterans Administration confirming they have served at least 90 days in the US military.
3 Things You May Not Have Known About VA Loans
They Don’t Have Mortgage Insurance
It’s no secret that VA loans come with a lot of benefits, but one that often gets overlooked is the fact that there is no PMI required.
Typically mortgage insurance is always required if the borrower does not put down a 20% down payment. VA loans require no down payment and no mortgage insurance, saving veteran homeowners even more money each month.
They Don’t Have a Prepayment Penalty
Borrowers can make extra payments at anytime, resulting in less interest paid over the life of the loan. Payments can even be structured to automatically deduct a set amount each month. Even paying an extra $100 per month can save homeowners thousands of dollars from the balance.
You can use your full VA entitlement multiple times as long as you pay off each loan. But you may be able to obtain another VA loan even if you’ve lost one to foreclosure. Consult with a Michigan mortgage expert to learn more about what options are available to you.
Looking for a Michigan Mortgage Lender with Experience?
With over 30 years in the mortgage business, Julie Krumholz from Superior National Bank, has vast experience in VA, FHA, RSDA, MSHDA loans and many other programs. Contact Julie today to learn more about which loan program is best for your unique needs.