As a result of changes to the mortgage industry, options for a conventional loan with $0 Down have evaporated and a VA Loan is one of the only $0 Down home loan options.

Some people believe a VA Loan involves red tape and is more work but really, it all hinges on the experience of your loan officer. Joe Lovrek specializes in VA Loans and has streamlined the process to save you time. With Joe Lovrek’s knowledge on VA loans, so many families have decided to take advantage of their VA benefits and get a VA Home Loan instead of a conventional loan.


Down Payment – VA Offers $0 Down

In today’s market, banks are generally asking for 10-20% down on a conventional loan. Because a VA Loan is backed by the federal government, banks do not require a down payment making a VA Loan one of the only loan programs that can still offer 100% financing.


No PMI Required

Because the loan is backed by the government, banks do not require PMI (private mortgage insurance), an added monthly expense required for conventional loans where the borrower finances more than 80% of the home’s value.


A VA borrower has an advantage when shopping for rates as well. Interest rates are based on the banks capital risk should the loan go into default, but because a VA Loan is backed by the government the bank takes less risk. VA borrowers benefit with an even more competitive rate because the banks risk is offset. This, along with no PMI can substantially lower your monthly payment.


Qualification Standards – VA is More Lenient

The qualification standards for each loan type are very different. Once again, because the loan is backed by the government, banks assume less risk and have less stringent qualification standards for VA Loans making them easier to obtain.

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