Veterans Affairs Administration (VA) Loans
What is a VA Guaranteed Home Loan?
VA-Guaranteed Home Loans are made by private lenders, such as banks, savings and loans or mortgage companies. These loan are made to eligible veterans for the purchase of a home for their own personal property. VA guarantees the loan to protect the lender against loss if the payments are not made. VA- guaranteed Home Loans are intended to encourage lenders to offer veterans loans with more favorable terms.
What can a VA- Guaranteed Home Loan be used for?
- To buy a home, condominium, or townhome
- To refinance an existing home loan to reduce the interest rate
- To repair, alter, renovate, and improve a home
What are some of the advantages of a VA-Guaranteed Home Loan?
VA loans offer equal opportunity for all qualified veterans to obtain a loan. They do NOT require a down payment and no mortgage insurance premiums are applied. In addition, the rates are very competitive and the closing costs are very limited. VA also provides assistance to veteran borrowers in default due to temporary financial difficulty.
Requirements for VA-Guaranteed Home Loan Approval?
- You must be an eligible veteran who has available home loan entitlement.
- You must occupy or intend to occupy the property as your home within a reasonable period of time after closing.
- You must have enough income to meet the new mortgage payments on the loan, cover the costs of owning a home, take care of other obligations and expenses and still have enough income left over for family support.
How do I apply?
Lendability.com offers 2 easy application options, you can apply online, or call 877-552-2454. Our VA experts are standing by to help you search for the best possible mortgage.
