VA Loans Expertise As a Top 5 VA lender, we understand the unique needs of servicemembers and their families, and can help you take advantage of every benefit you’ve earned. VA loans are backed by the Department of Veterans Affairs and offer exclusive mortgage benefits to eligible servicemembers, veterans and their spouses.
Among the advantages: The VA makes sure buyers don’t overpay for a home and that it’s move-in ready, without any costly, unexpected problems. It requires no down payment on purchases up to $417,000 in.
Summing Up What Is A VA Loan. Without a doubt, the VA mortgage is one of the best ways for qualifying veterans to purchase or refinance a home. With all of the features designed for saving money and making sure the veteran can afford the loan, it is a great way to finance a home.
VA Loan Rates. Because VA home loans are backed by the federal government, lenders have the luxury of charging competitively low interest rates. Eligible veterans and service members find that rates are generally lower with a VA home loan than a conventional mortgage. The VA doesn’t set interest rates.
VA home loans feature no down payment or private mortgage insurance (pmi) requirements, making them a great choice for any veteran or active service member looking to purchase a home. Since the housing market collapse of the 2000s, VA home loans have become even more critical in the wake of stricter lending requirements.
The VA offers several programs, in addition to the standard VA home loan program. If you have a home loan, you may be able to refinance with the VA for a better interest rate or to cash out the equity in your home. Native American and disabled veterans can receive additional benefits; state VA offices provide access to other benefits.
VA Inspection for New Construction Homes: When a VA loan is used to finance a new construction home, the VA sends licensed inspectors to evaluate construction progress and confirm that the home fits the VA’s specifications. At a minimum, the builder is required to provide a one-year warranty on the new home.
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