VA Loans
What is a VA Loan?
It's a mortgage loan program designed to help veterans, active-duty service members, and eligible spouses buy, build, repair, retain, or adapt a home for their personal occupancy. The VA doesn't actually lend the money; instead, it guarantees a portion of the loan provided by private lenders, which often means better terms for borrowers.
What are the benefits of a
VA Loan?
No Down Payment: One of the biggest perks is that in many cases, you can buy a home without putting any money down.
Lower Interest Rates: VA loans often come with lower interest rates compared to conventional loans, which can save you money over the life of the loan.
No Private Mortgage Insurance (PMI): Since the VA guarantees a portion of the loan, you typically don't have to pay PMI, which is a monthly fee many other borrowers have to pay if they don't put down at least 20%.
Flexible Credit Requirements: While lenders still consider your credit history, VA loans may be more forgiving of past financial difficulties.
Limits on Closing Costs: The VA limits what you can be charged in closing costs, which can help keep more money in your pocket at closing.
Who can use a
VA Loan?
Active Duty Service Members: Those currently serving in any branch of the military.
Veterans: Those who have served and been discharged under conditions other than dishonorable.
Certain Reservists and National Guard Members: After serving for a certain amount of time.
Certain Surviving Spouses: Typically spouses of service members who died in the line of duty or as a result of a service-related disability.
