FHA Home Loans

VA Loans

For Veterans, the VA mortgage loan is one of the best and safest methods to use when buying a home. Now even active duty personnel can qualify. If you are a Disabled Veteran, you may qualify for additional benefits on a VA home mortgage loan. The VA Home Mortgage Program does not limit the number of times a veteran may use the program.

The VA mortgage loans extend to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen.

Some of the benefits of the VA Mortgage Loan Program are:

  • The VA Mortgage Loans is guaranteed for no money down
  • No monthly Mortgage Insurance is required
  • Many VA Mortgage Loans are assumable
  • It is easier to qualify for a VA Loan than a conventional loan
  • VA Mortgage Loans can be easily refinanced

No Money Down

You do not have to put any money down to qualify for a VA Home Mortgage Loan. If the seller agrees to pay the closing costs, you may be able to purchase the home with zero out of pocket costs. 

The VA Funding Fee

The Veterans Administration assesses a Funding Fee to all VA loans between .5 and 3.3% of the loan amount. The fee is added into the amount of the loan to be paid over the life of your VA home mortgage loan. If you are a Disabled Veteran, you may qualify to get the fee waived completely.

Assumable VA Mortgage Loans

VA loans are also assumable. Meaning that someone else can take over and assume the loan when you sell your home. If the person assuming the mortgage is a veteran with VA eligibility, the original veteran will not be giving up the amount of eligibility that they used to get the loan at the beginning. 

VA Mortgage Loans may be refinanced

VA mortgage loans have built in features allowing a loan to be refinanced to a lower interest rate without all of the criteria normally associated with a conventional loan and can roll the costs of the transaction into the loan so there are no out of pocket costs.