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What Are VA Loans
And Who Qualifies
For This Benefit
A VA loan is a service offered by the U.S Military under the U.S Department of Veteran Affairs to eligible veterans, service members, and qualifying surviving spouses to enable them to acquire low-cost mortgages. By providing up to 100% financing on the value of a home, eligible borrowers can use the loan to purchase, build, renovate, or refinance a mortgage.
Although the VA establishes the qualifying standards by dictating the terms of mortgages offered, financing is usually done by private lenders such as banks and mortgage companies. Unlike other home loan programs, the VA guarantees a portion of the loan, allowing the lender to offer more attractive terms. To qualify for the VA loan, a borrower needs the VA certificate of eligibility, indicating whether they are on active duty or a veteran.
Just like the FHA loans and other state-insured loans, VA loans are quite easy to obtain because they are backed by the government through the Government National Mortgage Association (GNMA), which carries a guarantee against default.
VA loans are easier to obtain compared to conventional mortgages due to the following reasons:
These loans help veterans buy homes at competitive interest rates without needing a down payment or private mortgage insurance.
These loans allow the holders to borrow against their home equity and use that money to either refinance a current loan or cover other needs, such as renovations or medical emergencies.
IRRRLs allow borrowers to obtain lower interest rates on an existing mortgage loan by refinancing it or converting an adjustable-rate mortgage into a fixed-rate mortgage.
This loan allows Native American veterans to buy, construct, improve, or expand a home on federal trust land with reduced interest rates.
Ready to take advantage of your VA Loan Benefit? We have several preferred lenders who specialize in the VA Loan process and can help you get started. Our preferred lenders are friendly, knowledgeable, and experienced in helping veterans. They will walk you through every step of the way. Click on the button below to view our preferred lenders and get started with your pre-approval process today!
What Are VA Loans And Who Qualifies For This Benefit
A VA loan is a service offered by the U.S Military under the U.S Department of Veteran Affairs to eligible veterans, service members, and qualifying surviving spouses to enable them to acquire low-cost mortgages. By providing up to 100% financing on the value of a home, eligible borrowers can use the loan to purchase, build, renovate, or refinance a mortgage.
Although the VA establishes the qualifying standards by dictating the terms of mortgages offered, financing is usually done by private lenders such as banks and mortgage companies. Unlike other home loan programs, the VA guarantees a portion of the loan, allowing the lender to offer more attractive terms. To qualify for the VA loan, a borrower needs the VA certificate of eligibility, indicating whether they are on active duty or a veteran.
Just like the FHA loans and other state-insured loans, VA loans are quite easy to obtain because they are backed by the government through the Government National Mortgage Association (GNMA), which carries a guarantee against default.
VA loans are easier to obtain compared to conventional mortgages due to the following reasons:
These loans help veterans buy homes at competitive interest rates without needing a down payment or private mortgage insurance.
These loans allow the holders to borrow against their home equity and use that money to either refinance a current loan or cover other needs, such as renovations or medical emergencies.
IRRRLs allow borrowers to obtain lower interest rates on an existing mortgage loan by refinancing it or converting an adjustable-rate mortgage into a fixed-rate mortgage.
This loan allows Native American veterans to buy, construct, improve, or expand a home on federal trust land with reduced interest rates.
3800 Raeford Road, Fayetteville, NC 28304 | 910-322-5168 | FV193@aol.com
2024 © Team Elite. All Rights Reserved.
3800 Raeford Road, Fayetteville, NC 28304
910-322-5168
FV193@aol.com
2024 © Team Elite. All Rights Reserved.
