Description

A VA loan is a mortgage loan guaranteed by the U.S. Department of Veteran Affairs (VA). The VA loan was created to offer financing to eligible veterans and their surviving spouses with no down payment.

Advantages

  • No down payment required
  • Reduced or no funding fee for qualifying disabled veterans
  • No private mortgage insurance (PMI) allowed
  • Less restrictive qualification guidelines
  • Streamline refinance loan programs available
  • Access to low VA mortgage rates
  • Does not allow for extraneous loan charges

Disadvantages

  • One-time funding fee (which can be financed into the loan)
  • Sellers may be hesitant to sell to a buyer using a VA loan
  • Strict appraisal process making “as is” sales more difficult
  • Must be current or ex-military personnel to qualify (Certificate of Eligibility required)
  • Complex loan process as compared to other mortgage types

Who is Eligible for a VA Loan?

    • Veterans
    • Active Duty Personnel
    • Current or Former Reservists/National Guard members
    • Some surviving spouses

What are the Benefits of a VA Loan?

    • Purchase a home at a competitive interest rate often without requiring a down payment or private mortgage insurance, which gives you more savings.
    • Cash Out Refinance options allow you to take out cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements.
    • If you have a service-related disability, you may qualify for waived funding fee, reducing closing costs.
    • Borrowers can often refinance to a lower rate within the VA program without requalifying for the program.
    • You can reuse the benefit.

You’ve earned the right to home loan savings! Call 888-223-5363 or fill out the form to get started now.