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    VA Loan

    Updated January 2018

    VA loan information, rates, and guidelines

    What Is A VA Loan?

    The U.S. Government created the VA loan the help those brave men and women who serve our country purchase a home. VA Loans are guaranteed by the U.S Department of Veteran Affairs. This program has many distinct advantages over traditional mortgages and has placed over 20 million veterans and their families purchase a home of their own.

    The Benefits of Using a VA Loan

    VA loans are long-term financing options for eligible American Veteran and their spouses.

    There are many benefits of a VA tailored mortgage 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 (PMI) is something that is required for buyers that are financing more than 80% of their home. However, if you are applying for a VA loan, the government backs these mortgages and does not require a PMI for Veterans.
    • Competitive Interest Rates
      • The VA guaranty gives 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 for a VA Loan?

    If you are a Veteran, an active duty personnel, in the National Guard, or a surviving spouse, then 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 in good standing with mortgage 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 created to thank you for your service and help you find your dream home.

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    VA Loans- Mortgage.info from Mortgage Commentator

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