One of the offerings of the Department of Veterans Affairs is mortgage loans. Of course, this is limited to current or past members of the US military. With this restriction comes a few significant benefits if you qualify. VA loans have perks for both low-income and high-income homebuyers.
If you have the money to buy a more expensive home as long as you can get a loan, VA loans may have you covered. There are jumbo loans available which can even exceed $1 million. This may be a good bet even if you are not currently a high-income earner, as long as you are purchasing investment property. This is because there is no minimum down payment for VA loans; you can borrow up to 100% of the home’s value. You don’t even need to worry about private mortgage insurance (PMI), which is required for conventional loans with a down payment under 20%, but not for VA loans regardless of your down payment amount. If your investments pay off, or you start earning more money, you can also pay off the loan faster. VA loans have no penalty for accelerating payments.
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