The Department of Veterans Affairs (VA) offers loan programs for service members, veterans, and their families to make purchasing a home more accessible and affordable.
- No down payment is required as long as the sales price is at or below the homes’ appraised value
- Interest rates are low (from private banks, mortgage lenders, or credit unions)
- Closing Costs are limited (may be paid by the seller, lender, or another third party)
- Private Mortgage Insurance is not required
- Lifetime benefit-you can use the guaranty many times, and in some cases, it is transferrable
Who is eligible for a VA Home Loan?
All active-duty service members and Veterans with discharges other than dishonorable, National Guard and reserve service members, eligible spouses, and other uniformed service personnel are eligible for a VA Home Loan.
There are some steps you need to take before applying for a VA loan. First, you should contact a loan officer to discuss the VA loan process.
To learn more about VA Loans line of products, contact us today.