562 Lynnhaven Pkwy

Virginia Beach, VA 23452

(757) 300-6899

Teall Haycock
Licensed Mortgage Loan Officer

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VA Home Loan

Your Guide to Your VA Home Loan


 

Today, the VA Mortgage is much more essential than ever before. In latest years, lenders nationwide have tightened their financing requirements in the aftermath of the housing market collapse, which makes the VA loan a lifeline for Veterans and active Army homebuyers, a lot of whom find difficulty when faced along with tough credit criteria and down payment requirements.

 

Like most of mortgage loans, VA Mortgages have considerable details and advice to review. We encourage you to utilize our website's educational resources to learn about the specifics of this exclusive mortgage loan benefit. To start your VA Loan, then talk with a Home Loan Specialist today.”>

Your Guide to the VA Home Loan


VA Home Loans assist our nation’s military service members and veterans.”

What is a VA Home Loan?

The VA loan is a $0 down mortgage option available to Veterans, Service Members and select military spouses. VA loans are issued by private lenders, like a mortgage company or lender, and guaranteed from the U.S. Department of Veterans Affairs (VA).

 

No Down Payment

No Down Payment

Qualifying borrowers with sufficient
VA entitlement may buy with no money down.

VA Loans: 0% Down (for qualified borrowers)

VA Loans are among the last 0 percent down mortgage loans on the marketplace to this day.

 
No monthly mortgage insurance

No monthly mortgage insurance

VA loans do not charge a
monthly mortgage insurance premium. Therefore, it is tough to beat a VA loan monthly payment.

 

Since VA Loans are government banks don’t ask you to purchase Private Mortgage Insurance. 

 

VA Loan vs. Traditional Mortgages

Experienced homebuyers have access to possibly the most distinctive and strong financial loan programs ever created. See how a VA Loan compares to a traditional home mortgage:

 

Conventional Loans: Up to 20% Down

Conventional loans usually require down payments which may reach up to 20% to procure a mortgage loan, pushing them out of reach for many homebuyers.

 

 

PMI Required

Private Mortgage Insurance is a necessity of borrowers that finance more than 80 percent of their home’s value, tacking on additional monthly expenses.

 

Competitive Interest Rates

Competitive Interest Rates

VA loans offer fixed and variable rates which compare well verses other conventional loans.

The VA guaranty gives lenders a greater degree of security and flexibility, which typically means a more competitive rate compared to non-VA loans.

 

Easier to Qualify

Since the loan has been backed by the government, banks assume less risk and have qualification standards for VA Loans, which makes them easier to obtain.

 

Seller Paid Closing Costs & Concessions

Seller Paid Closing Costs & Concessions

VA loans allow the seller to pay customary closing costs for the buyer as well as up to 4% of the sales price in concessions.

The VA Home Loan was created by the US government to help returning service members purchase homes without needing a down payment or superb credit. This historic benefit program has guaranteed more than 24 million VA loans, helping veterans, active duty military members and their households purchase or refinance a home.

 

Today, the VA Mortgage is much more essential than ever before. In latest years, lenders nationwide have tightened their financing requirements in the aftermath of the housing market collapse, which makes the VA loan a lifeline for Veterans and active Army homebuyers, a lot of whom find difficulty when faced along with tough credit criteria and down payment requirements.

 

Like most of mortgage loans, VA Mortgages have considerable details and advice to review. We encourage you to utilize our website’s educational resources to learn about the specifics of this exclusive mortgage loan benefit. To start your VA Loan, then talk with a Home Loan Specialist today.

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