A VA loan is a government-backed initiative guaranteed by the Veterans Administration. Many veterans and/or their spouses are eligible for a VA home loan.
When seeking a mortgage, veterans should keep the most important benefits of a VA loan in mind. Some of these are listed below:
- One of the greatest benefits of a VA loan is that most eligible buyers are not required to make a down payment on their purchase.
- Limitation on buyers closing costs. Sellers can pay the complete loan associated closing costs and even give 4% in concessions.
- Of all loan types, VA loans enjoy the lowest interest rates.
- VA loans holders can pay off loans early without any penalties. In other words, there are no prepayment penalties.
- No monthly mortgage insurance premiums or PMI are required.
- Foreclosure can be avoided with the help of the VA program. VA staff members seek alternatives for homeowners in case of foreclosures.
- Two options for refinancing. The program allows veterans with existing VA loans the alternative to lower their monthly payments with a new interest rate. Homeowners who secured a different mortgage an refinance into the VA program if they are eligible.
Here, at e-finance mortgage, we are committed to providing the best rates and highest standards of quality for our servicemen and women. The sacrifices of our veterans cannot be rewarded in any way but can only be appreciated. If you are eligible for a VA loan, contact us for a quick quote on securing your loan.