Understanding Your Benefits

A VA Home Loan is a mortgage loan guaranteed by the U.S Department of Veterans Affairs and can only be issued by qualified lenders such as banks, savings & loans, or mortgage companies.

A VA-guaranteed loan can be used to:

• Buy a home, a manufactured home, or a condominium
• Buy a lot for a manufactured home
• Build, repair, or improve a home (including energy efficient improvements)
• Refinance an existing loan

There are many advantages to a VA loan. The biggest benefit is that VA loans don’t require a down payment. That’s right, no down payment! You won’t have to compromise  on your dream home or wipe out your savings account.

VA loans also come with built-in limits on closing costs, origination fees and appraisal fees. That’s another way to help lower out-of-pocket expenses when buying a house. It’s the perfect solution for a young military family that doesn’t have a lot of excess cash.

You also don’t need Private Mortgage Insurance (PMI) to guarantee the loan. The VA takes care of that. Without PMI, you can expect to save an average of $50-$100 a month.

VA loans can even be transferable. With permission, a seller can let a new buyer assume the loan. That comes in handy when it’s time to sell your home.

VA Loans and Credit 

We recognize that some veterans have a hard time getting financed after leaving the military. It’s a job that can bring unique financial challenges. Many military families don’t have the extensive credit history civilians do.

Many veterans don’t have student loans to pay back or cars to pay off. VA loans are tailored to those with a shorter credit history. Approval and underwriting is based on the past 12 months of your financial history. With traditional loans lenders look much farther back into your credit past.