The VA Loan program is the best mortgage available for veterans, active servicemembers and their families.  They have great features and offer more advantages than almost any type of loan.  It’s a great thank you for military service.  No matter what any lender tells you, the VA Loan is always going to be the best loan you can get if you are eligible, and here are some reasons why.


No down payment

The show-stopper.  Buying a home up to $417,000 with no down payment is an enormous advantage over conventional and FHA loans that require anywhere from 3.5% to 20% down payments.  This is a huge benefit to buying a home and has led many people who never thought they would be able to buy a home to move into their dream home. 

Do the math.  If you wanted to buy a $200,000 home with a conventional mortgage, you’re looking at a $40,000 down payment to get to 20%.  Anything less than that and you’re paying PMI, or Private Mortgage Insurance.  An FHA Loan requiring 3.5% down is still $7,000 on that house.  Saving up that much cash is hard for anyone, and making the process easier for people who are in and out of the country makes so much sense.

This benefit really helps veterans get into their home without having to scratch and claw to save up that giant down payment.


Government guaranty

The federal government isn’t ACTUALLY in the habit of giving out mortgages – that’s our job.  What the VA Loan program does is guarantee the mortgage to private VA-approved mortgage companies and banks like us.  This is a promise on the part of the VA to repay the loan if the borrower defaults.  It helps the lender have more confidence in lending the money and allows them to give credit without the down payment that normally mitigates the risk.

This opens the program up to more and more borrowers that may never have had the opportunity to own a home. 


No private mortgage insurance

Remember when we mentioned PMI?  That doesn’t come with a VA Loan the same way it would with any other loan where you have less than 20% equity.  If you have an FHA or Conventional Loan plan that required less than a 20% down payment, you are going to be on the hook for that PMI payment every month to guarantee the loan. 

VA Loans don’t require this for anything, even 100% financing.  According to the VA, this has saved vets billions of dollars over the course of their loans.


It’s not a one-time benefit

Many veterans have been misled that this is a one-time benefit.  It’s not.  Once you are VA-eligible, you are for life.  You don’t have to completely repay your loan to use the VA Loan again, but it does depend on how much of your VA entitlement is still available to you.


No appraisal fee

Hero.Loan also has its own benefits.  You will never pay for an appraisal fee with Hero.Loan, and it’s not rolled into the price of your loan either.  We actually pay that out of our own pocket as a thank you for your service.


14 Day Closings

Since we are VA delegated, we are able to close VA Loans in as little as 14 days.  Most lenders will tell you that VA Loans are hard to close or can take up to 90 days.  That’s because they have to go through other approvals, while we make our own credit decisions and can speed through the process to make sure that you get your home.


Call the best mortgage lender in Alabama, Mike Carey’s Alabama Loan Experts Team in Gulf Shores (901) 619-3665 or visit AlabamaLoanExperts.com to apply now. Alabama Loan Experts has the lowest rates on Conventional, FHA, Mortgage Refinances, Jumbo Loans, Debt Consolidation Loans, Rate and Term Refinances, Cash Out Refinances, and HARP Loans. We are also the exclusive home for Hero.Loan VA Mortgages and The Bank Statement Mortgage. We will come to you to close your loan. Nobody gets lower mortgage rates on better loans than Alabama Loan Experts.

Mike Carey

Mike Carey

As a mortgage professional with over twenty years experience, I understand the lending guidelines and keep up with the constant change in the industry. In my 20+ years of mortgage lending, I have helped thousands of buyers throughout the country. My specialties include all areas of lending from first time home buyers to seasoned buyers.

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