VA Home Loan Requirements Explained
What is a VA home loan? A VA home loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). The basic intention of the VA home loan program is to supply home financing to eligible veterans and to help veterans purchase properties with little or no down payment.
I believe the VA home loan is the best product in mortgage lending and it has the best pricing per the loan details. If you are eligible for a VA loan I highly recommend looking into it and we would love the opportunity to serve you! The most utilized and greatest benefit is- the option of no money down, with no mortgage insurance… which is amazing and rare in the mortgage world.
Another benefit is the ability to borrower up to 484,000 without the loan being considered a jumbo loan, and yes there are still jumbo loan limits that go even higher near 1 million dollars. There are limitations on Veterans closing costs which means you typically save on your costs. You do not have any prepayment penalties on a VA home loan. If you decide to refinance one day the process is streamlined (which means easier) and the cost and rates can be less than a traditional mortgage.
VA mortgages are assumable, which means you may be able to have someone take over your mortgage payment when you sell, this can be a big benefit to a buyer in a rising rate environment and make it easier to sell. Down payment and closing costs can be gifted. Closing costs can be gifted from a relative or even the seller can contribute towards closing cost on a VA home loan.
These are a few benefits of why I enjoy providing the VA home loan and why I enjoy sharing our VA home loan options. We love helping our Veterans and serving them. We have been fortunate to help Thousands of Veterans with VA Home loans, thank you for your service and allowing us to help! Please reach out to talk more! (727) 315-1635