Veteran Mortgage Options: Find Your Best Path to Homeownership

If you’ve served our country, owning a home should be within reach—and something to celebrate. As a veteran, you have access to some fantastic mortgage benefits that honor your service. The right choice can make a big difference, not just for your monthly payment but for your long-term financial picture. We're here to help you navigate your options with confidence.

The Power of the VA Loan

One of the most valuable benefits available to veterans is the VA mortgage. Backed by the U.S. Department of Veterans Affairs, this loan is designed to make homeownership more accessible. It’s a powerful tool for a reason.

Here’s a quick look at why so many veterans choose a VA loan:

• $0 Down Payment: You can buy a home without needing to save for a large upfront cost. This is a huge advantage that gets you into your home faster.
• No Private Mortgage Insurance (PMI): Most conventional loans require PMI if you put down less than 20%, which can add a few hundred dollars to your monthly payment. With a VA loan, you can skip that extra cost.
• Competitive Interest Rates: VA loans often have some of the most competitive rates on the market, helping to keep your payments affordable.
• Flexible Credit Requirements: The guidelines are designed to be more accessible, helping more veterans qualify for a home loan.
• A Lifetime Benefit: You can use your VA loan entitlement more than once. However, it becomes available again only after your initial VA mortgage is fully paid off.

With all these perks, it’s a great option. Many veterans find it makes the most sense for their "forever home," where these long-term benefits can really shine. But what if you’re looking for a starter home, or you want to keep your VA loan benefit in your back pocket for a future purchase? That's where another great option comes in.

A Smart Alternative: SCCU’s Military HERO Mortgage

At Space Coast Credit Union, we wanted to create another path to homeownership for our military community. That’s why we created the Military HERO Mortgage—a special program designed to honor your service and make homeownership more affordable.

Here’s what makes the Military HERO Mortgage a compelling choice:

• No Private Mortgage Insurance: Just like a VA loan, you won’t have to pay for PMI. We use a simple rate adjustment instead, which can lead to lower overall costs.
• Lower Monthly Payments: By avoiding PMI, you can enjoy more affordable payments right from the start.
• No Funding Fee: VA loans typically include a funding fee. Our Military HERO Mortgage lets you avoid this extra cost, saving you money at closing.
• Faster Processing: Because you get to skip the VA paperwork, the process can be quicker and smoother. That means a faster path to closing—and to enjoying your new home.

This loan is a perfect fit if you want to save your VA loan benefit for a later purchase. It’s also a great solution if you're buying a second primary residence but want to keep your current home with its VA loan. Yes, you can do that! As long as you meet the guidelines, you can own another primary home even while your VA loan is active.

Which Path Is Right for You?

We know this can feel like a lot to sort through, but don't worry, we've got you. Thinking about your personal goals is the best way to decide. Here’s a simple guide to help you figure out which option might be the best fit.

Scenario 1: Buying your first home and planning to upgrade later

Best Option: SCCU Military HERO Mortgage

This allows you to get into a home now with great benefits like no PMI, while saving your powerful VA loan entitlement for that bigger "forever home" down the road. It gives you incredible flexibility.

Scenario 2: Buying your forever home

Best Option: VA Loan

If you’ve found the home you plan to stay in for the long haul, using your VA loan is a brilliant move. The combination of no down payment, no PMI, and competitive rates provides unmatched long-term value.

Scenario 3: Purchasing a new primary residence

Best Option: SCCU Military HERO Mortgage or VA Loan (if you have enough entitlement)

If you need a new primary residence but want to keep your current one as a second home, our Military HERO Mortgage is an excellent choice. It lets you finance the new home without impacting your existing VA loan. Alternatively, if you have remaining VA loan entitlement, you might be able to use it for the second purchase. We can help you figure out the numbers.

You've Served. Now Let Your Mortgage Serve You.

You’ve dedicated yourself to serving our country, and now it’s our turn to serve you. Whether you’re just starting your homeownership journey or planning your next big move, Space Coast Credit Union is here to help you make the most of your hard-earned benefits. Our team understands the unique needs of military families, and we’re ready to guide you with a friendly smile every step of the way. Let’s find the perfect mortgage option that helps you achieve your dreams.