Are you an active duty service member or a veteran dreaming of purchasing your first home using the VA home loan? Unsure about the pros and cons that come along with it? Well, you're in luck! I'm here to walk you through the fantastic advantages and a few considerations of utilizing the VA loan.

Let's kick things off with the first big perk that most veterans are already aware of - it's a zero-money-down loan! That means you can finance 100% of the purchase price. Amazing, right? But wait, there's more!

Benefit number two: the VA loan often offers lower interest rates compared to FHA and conventional loans. That's money saved! And hold on tight for the third advantage - no private mortgage insurance, which equals hundreds of dollars saved on your monthly payment. Now that's what I call a win!

However, as with anything, there are a few things to keep in mind. Downside number one: the VA funding fee. It's a one-time fee paid to the Department of Veterans Affairs to support future veterans using the program. Currently, in 2023, this fee sits at 1.25% of the purchase price for first-time buyers (with downpayment of 10% or more) without a disability rating of 10% or more. But here's the good news! If you do have a disability rating of 10% or more, you can waive this fee for life, even for future home purchases. How awesome is that?

Alright, moving on to drawback number two. The VA home loan program can only be used to purchase a primary residence that you intend to occupy for at least one year. But here's a cool trick - you can purchase a multi-family home and rent out other units to help cover your mortgage. Talk about smart choices! And last but not least, let's talk about the VA appraisal. They do require the home to be safe and sanitary for you to occupy. So, if you're considering a fixer-upper, it might not be the best fit.

Are you itching for more information about the VA home loan program and how it can help you purchase your first home? Well, you don't have to wait any longer! Feel free to give me a call or shoot me a text at the number below. Let's make your dream of homeownership a reality!