VA Mortgage

VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate and payment than is ordinarily available with other loans.

Other benefits of a VA loan include:

  • As low as no Down Payment
  • The Buyer can not pay some fees that are normally charged, so the Seller actually pays these fees for you. 
  • The Seller can pay up to 4%(of sales price) of your closing costs
  • No monthly mortgage insurance.  Giving you a lower monthly payment.   
  • Right to prepay loan without penalties
  • The Mortgage can be taken over (or assumed) by the buyer when a home is sold.
  • Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.

Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.

Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan. 

Can I have 2 VA Loans?  You sure can, here is how

Jumbo VA Mortgage