What is a VA Loan?
A VA Loan is to offer long term financing to qualified Veterans or Active Duty service members of the Armed Services. The interest rates are superior to most other loans. There is no mortgage insurance, which will lower the monthly payment. The VA determines eligibility and issues a certificate of eligibility to applicants to submit to the lender of their choice.
VA Mortgage Loans are guaranteed by the U.S. Veterans Administration.
Pros of the VA loan:
- No down payment is required up to the County High Balance loan limit
- Can use higher ratios then Conventional loans
- Allow for lower FICO scores
- Can be layered with Down Payment Assistance for first time home buyers
Cons of the VA Loan:
- VA funding fee that is added onto the loan amount and included in the monthly payment.
- The home needs to be qualified with Termite report and the worst repairs need to be corrected prior to funding of the loan.
Get Started Today
We can help you find the right financing to achieve your goal of owning a home. Debbi Galvan is focused on creating lifelong partnerships with our clients, and we would love the chance to work with you. Contact us today to learn more about VA loans.
