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VA Loans
Providing VA Loans for Those Who Serve
VA loans are designed for veterans, active-duty military members, and their families, offering 100% financing with no down payment. Backed by the U.S. Department of Veterans Affairs, VA loans provide more favorable terms than conventional loans, making homeownership more accessible for those who serve.
Key Benefits
- 100% financing with no down payment.
- No mortgage insurance required.
- Lower interest rates and more flexible credit requirements.
- No early payment penalty.
- Assistance from the VA if payment difficulties arise.
Who It’s For
- Active-duty military, veterans, and eligible family members.
- Surviving spouses of deceased veterans or active-duty military.
- Individuals with a qualifying Certificate of Eligibility (COE).
Pros and Cons
Pros:
- No down payment required: Eligible borrowers can finance 100% of the home’s value.
- No mortgage insurance: VA loans don’t require private mortgage insurance (PMI), saving money.
- Lower interest rates: VA loans typically offer competitive rates compared to conventional loans.
- Flexible credit requirements: Easier to qualify for compared to conventional loans.
- Assistance in financial hardship: The VA can provide help if you struggle with payments.
Cons:
- VA funding fee: A fee is required, though some veterans are exempt.
- Primary residence only: VA loans are not available for vacation or investment properties.
- Property requirements: The home must meet certain conditions and be appraised by VA standards.
CONTACT US TODAY!
FAQs
No, VA loans offer 100% financing without a down payment requirement.
The funding fee supports the VA loan program and can be paid upfront or financed into the loan.
Yes, VA loans can be used to refinance through programs like the VA IRRRL.
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