VA loans can help make the dream of homeownership a reality for our nation’s bravest men and women. A VA home loan is a type of government-backed mortgage, specifically the Department of Veterans Affairs (VA). However, you must work directly with a mortgage company to apply and get approved for a VA loan.
These mortgages are especially popular with service members because they require no down payment, have low closing costs, and require no private mortgage insurance (PMI). Interest rates are also highly competitive on VA loans. You can use a VA loan to purchase a single family home (including new builds), condominium or townhome.
Active duty military members are eligible for VA loans, as are armed forces veterans, members of the national guard, reservists, disabled service members and surviving military spouses. In most cases, academy cadets are also eligible, along with some individuals who served as a member in certain government public health organizations.
The easiest way to determine whether you are eligible for a VA loan is to talk to a trusted mortgage lender. In Richmond, PRMI works closely with our servicemember clients, to get them the best loan for their needs. Our knowledgeable and friendly team members will be there for you throughout the process, making sure you have all the assistance and support you need.
Contact us now to learn more or to get your USAA VA loan questions answered now.