VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.
Benefits of a VA loan include:
- No Down Payment with Purchase Price up to $510,400*
- Larger Purchase Prices will require a calculated down payment
- Negotiable interest rate.
- Closing costs comparable lower than other financing types.
- There certain fees that Veterans are not allowed to pay and are typically paid by the seller (VA "Non-Allowables")
- No private mortgage insurance requirement.
- Right to prepay loan without penalties
- Mortgage can be taken over (or “assumed”) by a Veteran buyer when a home is sold.
- Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.
Although mortgage insurance is not required, the VA charges a funding fee which guarantees the lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.
A VA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/ caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.
*Closing costs and fees may still apply.
And remember - A VA LOAN IS THE ONLY LOAN PROGRAM THAT ALLOWS ALL OF YOUR CLOSING COSTS TO BE PAID BY THE SELLER.
NO DOWN PAYMENT - NO CLOSING COSTS= """VA NO-NO"""
Primary Residential Mortgage loan originators are considered to be VA Loan "specialists" here in the Central Valley.
So, if you are a Veteran, complete the form below or call me today: (209) 470-7161
