What Is A VA Loan?
The U.S. Government created the VA loan the help those brave men and women who serve our country get into a home. VA Loans are a guaranteed by the U.S Department of Veteran Affairs. Meaning that the loan programs to work the the special situations that veterans have to find the best mortgage program for them with help from the funding the Veteran Affairs can offer. This program has many distinct advantages over traditional mortgages and has placed over 20 million veterans and their families into an affordable home.
VA loans are long-term financing options for eligible American Veteran and their spouses. There are many benefits of a VA tailored to help Veterans get the assistance they need to get into a home and a reasonable financial situation.
- %0 down
- VA loans don’t require a down payment unlike most loans that require down payments up to 20%
- No PMI
- Private Mortgage Insurance is something that is required for buyers that are financing more than 80% of their home but if you are applying for a VA loan the government backs these loans, and do not require a PMI for Veterans.
- Competitive Interest Rates
- The VA guaranty give lenders a degree of insurance and flexibility which allows them to lower rates for Veterans that may be lower than most other loans
- Easy to qualify for
- The government funds this program making fewer qualifications for Veterans to have to worry about.
- Reduced Closing cost
- If you have a service related injury, you may qualify for waived funding fee, this will lower the closing cost of your home
- Right to Prepay without penalty
- Negotiable Interest rates
- Assumable mortgage
Do I Qualify?
If you are a Veteran, and active duty personnel, in the National Guard, or a surviving spouse you may qualify for a VA loan. Veterans can apply with any mortgage lender that participates in the VA home loan program. However they will need a certificate of eligibility for the loan. In some cases they can attain this from the lender. The eligibility requirements are a suitable credit score and a sufficient income to insure the borrower will remain on good standing with loan payments.
If you or your spouse may qualify for a VA loan check out your options and talk to a lender today. This program is setup to thank you for your service and help your find your dream home.