VA Loans Do Not Charge Monthly Mortgage Insurance

VA Loans Do Not Charge Monthly Mortgage Insurance

Perhaps one of the biggest advantages of getting a VA home loan is that the VA does not charge monthly mortgage insurance. This translates into a nice monthly savings and allows the borrower increased buying power with their budget.

Conventional mortgage loans and FHA mortgage loans do charge monthly mortgage insurance, making VA mortgage loans more desirable for those who qualify.

This could be an average savings of anywhere between $30 and $200 a month, depending on the loan amount. With the elimination of the monthly mortgage insurance payment, a buyer using a VA home loan could potentially afford a home worth $30,000 more.

VA home loans are offered to veterans and military personnel by lenders throughout the Tampa Bay area.

To find out if you qualify for a VA Loan, you can start the application process at: Tampa VA Loan.