VA Loans can benefit eligible borrowers in the following ways:
- Low interest rates
- No down payment
- $0 Lender Fee1 offer, an average savings of $2,5002
- Limits on the amount of closing costs
- Some flexibility on qualification guidelines
- Both fixed and adjustable interest rate options
What should I know about a VA Loan?
Guaranteed by the government, VA loans are an option for service members, veterans, surviving spouses, and a number of other individuals who meet the eligibility requirements set by the Department of Veterans Affairs.3 They are among the few programs that can offer the option of 100% financing (no down payment).
VA loans can be used to purchase a home or refinance an existing loan. They also offer cash-out options that can provide funds to pay debt, make home repairs or improvements or finance a major expense. Your Mortgage Loan Originator can explain all the unique features and options available through a VA home loan.
Is a VA Loan an Option for you?
You may want to consider a VA Loan when you:
- Meet the eligibility requirements established by the U.S Department of Veterans Affairs3
- Want a loan program that has a low or no down payment option
- Want a low down payment and no monthly Private Mortgage Insurance (PMI) requirements