VA Loans in Idaho
Veterans generously give service to their country in an effort to protect the American dream. Part of the American dream involves home ownership. Many Americans would like to own a home but are not sure where to turn to make that dream come true. If you are a veteran of the United States military, owning your own home just might be possible through a United States Department of Veterans Affairs (VA) loan.
With Idaho being one of the least densely populated states in the country and with a median home value of only $173,900, you could not pick a better state in which to purchase your home. Since the vast majority of Idaho counties allow you to borrow as much as $424,100 (with a few counties being even higher), this is more than enough to allow you to purchase a quality home in the state of Idaho.
Benefits of Choosing a VA Loan
- No Down Payment In a large majority of cases, those who purchase a home using a VA loan do not need to pay a down payment as is typical with nearly all conventional mortgages.
- No Insurance Premium Because the VA guarantees your loan, there is no need to purchase monthly mortgage insurance like you would need to do with a traditional mortgage.
- Low Interest Rates VA loans have lower interest rates on average than all other types of mortgages. This can lead to substantial savings over the term of your loan.
- No Prepayment Penalties Unlike with traditional mortgages, if you choose to pay your VA loan off early, you will not have to worry about being hit with a prepayment penalty.
- Your Mortgage is Assumable With an assumable mortgage, you can transfer the mortgage and its current terms to a new buyer. This means that if you wanted to transfer or sell the home to someone else while you still have a mortgage, you can do so and allow that person to take over the existing mortgage and its current interest rate rather than having to obtain a new mortgage. In an environment of unpredictable interest rates, this can be an excellent option to have available.
With all of these great reasons to choose a VA loan, veterans who are looking to purchase a new home in the state of Idaho would be making a wise decision to go with a VA loan over another kind of mortgage. VA loans are also available for those who are looking to refinance an existing mortgage. This could lead to enormous savings over what you are paying on your existing mortgage.
Home ownership is a dream that may seen harder than ever to fulfill, but thanks to VA loans, that dream may be closer than you think. Veterans perform an honorable service for their country, and thanks to VA loans, they are repaid for that service with the opportunity to do something honorable for themselves and their families.