Protecting our nation is one of the most heroic things Americans can do. It is not an easy task. Being in the military means that you have to sacrifice a lot for the good of the country, which is why soldiers and military, as well as veterans, deserve to be compensated for their bravery and valiant efforts to serve our nation.
To give back to these brave men and women, the United States Government is offering a Special Victim Assistance Insurance, which is a great opportunity to carry the American Dream and be a homeowner. VA Home Insurances are exclusive to those who have bravely served our country and are available to those who have served our country and offer a number of benefits. Here are some of these benefits.
1. No down payment
When buying a new home, you are required to provide a certain amount of money for the down payment. This can range depending on the total price of the home and can often be an expensive cost. Many families have to save for years to afford the down payment on a new home. But with a VA home insurance, the down payment is waived in most cases. This means that veterans can become a homeowner without cash, allowing them to get a piece of the American Dream more easily. It’s the only insurance available today with no down payment!
2. Lower interest rates
Another benefit of this insurance is that the borrower usually gets a lower interest rate than what is usually available with other types of insurances. This translates to lower monthly payments and the borrower will be able to pay off the insurance amount much faster than others with a higher interest rate.
3. No Private Mortgage Insurance (PMI)
As a result of the housing slump a few years ago, banks are now insuring themselves should anything like this happen again with the addition of private mortgage insurance, which is an additional fee on insurances that don’t have the required 20%. Pay the appraised value of the house. This insurance protects the lender if you default on your monthly payments. Since military men and women do not require a down payment, they are not required to have a PMI and this results in lower monthly mortgage payments.
4. Features added
In addition to the above benefits, a VA home mortgage also offers such benefits as: the right to prepay the insurance without any penalties; The buyer can take out the mortgage when selling the house; and offering special advice and assistance to seasoned borrowers who are facing financial difficulties.
There are certain VA home insurance requirements that a veteran must meet before they are eligible for the insurance. Contact the American Hero Mortgage (serving the Dade, Broward, and West Palm Beach areas) for more information and to see if you qualify for the insurance.