What are the advantages of a Veteran's Administration Loan?
                     What are 
The 
Advantage
s of a 
Veteran's 
Administra
tion Loan?
VA Loans do not require a 
down payment
While most mortgage products require a down payment of at 
least a small percentage of the total loan amount, all VA loans 
are eligible for funding without an initial down payment from 
the borrower. Not having to put down a deposit on a home 
may be especially beneficial for first-time homebuyers, who 
may not be in a financial position to put down the sometimes 
significant sum required to finance their first home.
With VA loans, PMI is not 
required
For borrowers who do not have a 20% down payment, most 
mortgages companies require private mortgage insurance, or 
PMI (which is calculated based on the purchase price of the 
property). Because VA home loans do not require private 
mortgage insurance, the homebuyer could save thousands of 
dollars over the loan's life.
Credit Requirements for 
Veterans Affairs Loans
You may not have the extensive credit history that most 
lenders require for a traditional mortgage as a first-time 
homebuyer. VA home loans may be the answer you're looking 
for. More lenient credit and income requirements are available 
with VA loans, which can mean the difference between renting 
and buying a  home. To determine credit eligibility for a VA 
loan, lenders will examine the borrower's credit profile and 
credit scores.
DTI (Debt to income) ratios 
that are forgiving
Major debts, such as a mortgage payment or student loans, 
should account for no more than 41% of your gross monthly 
income, according to VA lenders.
It is, however, possible to have a higher DTI ratio and still 
qualify for a VA home loan. Depending on your credit score 
and ability to meet additional income benchmarks, some 
lenders may go up to 55 percent or more.
Buyers may find it easier to truly maximize their purchasing 
power with this added flexibility.
Keeping Closing Costs to a 
Minimum
Closing costs are unavoidable regardless of the type of 
mortgage. Veterans can only pay a certain amount of fees and 
costs at the time of closing, according to the VA.
Homebuyers can ask for all loan-related closing costs to be 
paid by the seller, as well as up to 4% of the purchase price for 
things like prepaid taxes and insurance, collections, and 
judgments.
With Pierpoint Mortgage, you 
can start the process of 
getting a VA loan
Please contact our loan officers at Pierpoint Mortgage today if 
you've determined that you qualify for a VA loan or if you have 
any questions about the process. 
Contact Us:
Pierpoint Mortgage
(844)-241-7720
[email protected]
13727 SW 152nd St #782, Miami, FL 33177
https://pierpointmortgage.com/locations/mortgage-broker-florida-miami/