VA Loan Basics
What Is a VA Loan?
The U.S. government created a military loan guaranty program to help assist service members purchase homes. While the Department of Veterans Affairs does not lend money for VA loans, it guarantees the loans being made by private lenders (banks, savings and loans, or mortgage companies). The VA Loan program has helped more than 20 million veterans and their families get into an favorable home financing situation. The VA loan has clear-cut advantages over traditional mortgages.
Today, the VA Home Loan program is more essential than ever to its service members. In recent years, lenders nationwide have constricted their lending requirements due to the housing market downfall. The VA Loan supports veteran homebuyers when faced with tough credit standards and down payment requirements.
What are the Main Benefits of the VA Loan?
- No Down Payment Requirements
- Favorable Interest Rates
- No Monthly Mortgage Insurance
- No Prepayment Penalties
- Ability To Finance Funding Fee
To speak with a VA loan benefits specialist, call the number above or fill out the short form and a specialist will contact you.