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Many consumers are eligible to purchase a home with a VA loan which guarantees the lender against a loss in the event of a default. It also provides favorable financing terms to the borrower, such as the purchase of a home with no down payment necessary. However, there are other important facts to know about a VA loans.
-VA loans provide an equal opportunity for all veterans who are qualified.
-Borrowers are able to finance the VA funding fee. Under certain circumstances, the VA funding fee can be waived. If a down payment is made by the borrower, the VA funding fee can be reduced.
-With the assistance of a knowledgeable VA lender, borrowers can obtain 100% financing.
-Seller concessions are allowed with a VA loan. These are paid by the seller to help reduce the financial burden of the borrower, such as using seller concessions to pay credit debts of the borrower.
–Seller paid closing costs are also allowed. These are separate from seller concessions and can be used to pay closing costs that are not allowed by the VA.
-Closing costs are similar to or even lower than those of other mortgage programs.
-VA loans do not require monthly mortgage insurance payments – a tremendous savings for VA borrowers.
-VA loans allow the borrower to prepay the mortgage with no prepayment penalty.
-VA loans are assumable which is a benefit for both the seller and the new borrower.
-When purchasing a home with a VA loan, the borrower is informed of the reasonable value of the property.
-Homes that are inspected by a VA inspector during construction will have a warranty from the builder.
–VA appraisals are more detailed in order to protect the borrower against purchasing a home that is not safe and sound for occupancy. However, the VA does not guarantee that the home is free of defects.
-Borrowers are able to refinance a VA loan with the easy IRRRL – Interest Rate Reduction Refinance Loan. This is a no-cash out VA refinance.
-A VA refinance with cash-out is also available for VA homeowners.
-Homeowners can refinance from another mortgage program to a VA refinance as long as they are eligible veterans.
-Borrowers can purchase second home with a VA loan as long as they certify that they have lived in the first home.
-VA mortgage rates are not set by the VA. For this reason, VA mortgage rates can be different from lender to lender and are very competitive.
-VA loans can be obtained by a VA lender on the internet. An online VA lender who specializes in VA loans is able to provide their extensive knowledge and experience to a VA borrower so that they receive the best possible VA financing terms.
-VA provides assistance to borrowers with VA loans in the event of a default due to a temporary financial situation.
VA loans are indeed different than other mortgage programs and offer benefits that are unique for veterans that are serving or have served our country. Homeownership is attainable for veterans through the VA loan program and a reputable lender who can assist you with your home purchase. In addition, a VA lender can also help you obtain better financing with a VA loan refinance if you are already a homeowner.
Where can I get more information about VA loans?
VA loans are offered by approved lenders who can provide additional information. There is no need to physically visit a VA lender for more information since nationwide VA lenders are available online. A knowledgeable lender who specializes in VA loans will be able to answer your questions and provide you with the best competitive VA loan available.
My loan process was very easy and quick. Not to mention a great loan rate. I couldn't be happier!
Capt Sam T. - US Army
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Veteranhomefinancing.com is a website that provides information about mortgages and loans. Veteran Home Financing is not licensed to loan money. It is a private website that is not affiliated with the U.S. Government, U.S. Armed Forces, or Department of Veteran Affairs. U.S. government agencies have not reviewed this information. This site is not connected with any government agency. If you would like to find more information about benefits offered by the U.S. Department of Veteran Affairs, please visit the Official U.S. Government Website for Veteran Affairs. SEO Services