If you are a Veteran, service member, or surviving spouse, I would first like to thank you for your service! Secondly, this is a wonderful program for you to take advantage of and we can check to see if you are eligible for this financing option!! Call me or fill out this form https://www.vba.va.gov/pubs/forms/vba-26-1880-are.pdf and send to me.
The U.S. Department of Veterans Affairs (the VA) does not make loans to veterans; it establishes eligibility requirements for VA loans and guarantees them. The guarantee that the government offers with VA loans is a promise to repay lenders a portion of the loan balance if a veteran’s loan goes into foreclosure. This enables the lender to provide Veterans with more favorable terms.
Mortgage Insurance –
One of the biggest benefits of a VA loan is that there is no monthly mortgage insurance!!!
The VA does charge a one-time mortgage insurance called a funding fee that is generally financed into your loan. This may differ depending on whether this is your first or second time using this program, if you are a reservist, in the National Guard, or are a full-time member of the armed forces. If you have a service-related disability, you may be exempt from paying a funding fee. This is something I can look into for you.
Advantages of VA loans-
- 0% down with full entitlement
- Low rates
- No monthly mortgage insurance
- Lower credit score requirements