A VA Loan is Designed to offer long-term financing to veterans. VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA home loan is designed to support veterans, active service members and eligible surviving spouses. Aside from the veterans Certificate of Eligibility and the VA assigned appraisal, the application process is fairly similar to many other types of mortgage loans. Disabled Veterans and their surviving spouses are exempt from the funding fees while other qualifying borrowers can roll these fees into the loan.
The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.
Some Key advantages of the VA loan include:
No down payment when the sale price does not exceed the appraised value
Seller can pay closing costs
Typical interest rates can be lower than standard rates
Relaxed qualification standards
Refinance up to 90% of the home value
Roll funding fees into the loan amount
Apply for a VA Loan with me today!