Nov. 11, 2022
VA Loans Help Winston-Salem Veterans Buy a Home
For over 78 years, Veterans Affairs (VA) home loans have provided millions of veterans with the opportunity to purchase homes of their own. If you or a loved one have served, it’s important to understand this program and its benefits.
Here are some things you should know about VA loans before you start the homebuying process in Winston-Salem and surrounding areas like Advance, Clemmons, Lewisville, Kernersville, King, Mocksville, Pfafftown, and Yadkinville, North Carolina.
What Are VA Loans?
VA home loans provide a pathway to homeownership for those who have served our nation. The U.S. Department of Veterans Affairs describes the program like this:
“VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.”
Top Benefits of the VA Home Loan Program for Winston-Salem Veterans
In addition to helping eligible buyers achieve their homeownership dreams, VA loans have several other great benefits for Winston-Salem home buyers who qualify. According to the Department of Veteran Affairs:
- Qualified VA borrowers can often purchase a Winston-Salem home with no down payment.
- Many other loans with down payments under 20% require Private Mortgage Insurance (PMI). VA Loans do not require PMI, which means veterans can save on their monthly housing costs.
- VA-Backed Loans often offer competitive terms and mortgage interest rates.
- All VA Lenders are not the same. Some offer closing costs assistance or lower points for Veterans. It doesn't hurt to shop around for the best VA Loan for you.
A recent article from Veterans United sums up just how impactful this loan option can be:
“For the vast majority of military borrowers, VA loans represent the most powerful lending program on the market. These flexible, $0-down payment mortgages have helped more than 24 million service members become homeowners since 1944.”
John Bell, Acting Executive Director of the Department of Veterans Affairs Loan Guaranty Service, also explains why this program is so powerful:
“It provides early home ownership for many people that would not have that opportunity to begin with. Since there’s no down payment, it allows people to hold their wealth and it gives them the ability to have long term financial security by being able to own a house and let that equity grow.”
The American Dream of Homeownership
Homeownership is the American Dream. Our veterans sacrifice so much in service of our nation, and one way we can honor and thank them is to ensure they have the best information about the benefits of VA home loans. We would be honored to help you through the home buying service in the Winston-Salem area. We work with several VA lenders who might be able to save you money on closing costs. Call/text Green Haven Realty at 336.462.9544. We're here to help, and thank you for your service.