*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
VA Loans (Veterans Affairs Loans) are reserved for those who served in our country's military and their surviving spouses. Below are a few facts and requirements that are important to keep in mind when looking to do a VA loan.
VA loans are overseen by the Department of Veterans Affairs. They are considered government loans that can be used by current military members, veterans, and their surviving spouses.
There is no requirement for a down payment, although according to the VA website, "Lenders may require down payment's for some borrowers using the VA home loan guaranty, but the VA does not require a down payment."
According to the VA website, "There is no need for Private Mortgage Insurance (PMI)." Thanks to the military member's "entitlement", they may be able to put over 20% down on a home. This allows them to avoid paying PMI on their home financing.
VA loans usually come with better interest rates than a traditional loan would.
The VA will "guarantee" a portion of the loan you receive. According to the VA website, "If your VA-backed home loan goes into foreclosure, the guarantee allows the lender to recover some or all of their losses. Since there's less risk for the lender, they're more likely to give you the loan under better terms."
If you're a veteran looking into getting a VA loan, please reach out and lets chat about how we can help you get into your future home! As always: thank you for your service for our country. We are able to live in the land of the free, because of the brave. Thank you.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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