The VA Home Purchase Loan
The VA home loan program is one of the best ways that the United States honors its veterans by making it easier for them to realize the dream of home ownership. For veteran service men and women and some active duty military personnel, the Veterans Administration loan program allows for the purchase a home without the need to save for a down payment.
A VA loan is financed by a bank or lender but guaranteed by the Department of Veterans Affairs. It guarantees 25 percent of the loan up to a pre-determined county limit. The guarantee replaces the security a bank receives from a conforming or FHA loan down payment.
In addition to 100% financing, a VA loan does not have any monthly mortgage insurance. The final financed loan amount will include the VA funding fee of 2.15% for first time use and 3.30% for each consecutive use.
To learn more about the VA loan program contact us today. We will be happy to answer your questions and start the necessary paperwork so you can get approved for a VA home mortgage.