The VA Loan program offers many benefits to Veterans and Active Duty service members.
VA Home Loans are available to military personnel and veterans. This includes Reservists and members of the National Guard. Surviving spouses may be eligible in certain situations. Federally qualified lenders issue VA loans, and the United States Veterans Association guarantees them.
VA Loan Benefits
No Down Payment.
VA Loans do not require a down payment. This is a true 100% financing loan.
These loans are generally easier to qualify for than conventional loans.
No Monthly MI.
VA Loans do not require monthly mortgage insurance. The Veterans Administration charges an upfront funding fee of 0 to 3.6% of the loan amount. The homebuyer does not have to pay the funding fee out of pocket. Instead, homebuyers can finance the funding fee into the loan.
Buyers can choose from fixed and adjustable-rate mortgages, finding a solution that works best for their situation.
Homebuyers can use VA financing on 1-4 unit properties, VA approved condos, and manufactured homes.
For Veterans and Active Duty Service Members, VA loan benefits are a great way to purchase a home!
VA Loan Misconceptions
We’ve found that there are several misconceptions about VA loans.
To start, some Veterans believe that utilizing a VA loan may take the opportunity away from another deserving Veteran. This is not true! Private lenders and banks fund VA loans. The Veterans Administration simply backs or guarantees the loan. There is no set amount of available funds or loans.
Another misconception is that once you have taken advantage of a VA loan, you cannot use the program again. This is also untrue! There is no limit to the number of times that a Veteran can utilize their VA loan benefits.
Lastly, there is a misconception that VA loans have tougher property standards. Homes being financed with VA loans must meet HUD property standards. These are the same property standard used for FHA and USDA loans. However, the only addition is that VA loans require a pest inspection. Beyond that, there are no additional rules or requirements with a VA loan.
If you are a Veteran or Active Duty Service Member, we thank you for your service! It would be our honor to help you take advantage of your VA loan benefits. For more information, contact us at 877-892-8222 or click below to begin the application process.