What is a VA Loan?
What is a VA loan? Veterans Administration (VA) loans are loans offered exclusively to active duty military, veterans and surviving spouses or dependents. A VA loan is a home loan guaranteed by the US Veterans Administration. Eligible veterans may be able to purchase a home with no downpayment and no cash reserve. The VA establishes the maximum loan amounts and eligibility requirements. Typically these loans have no down payments. Loan fees are also rolled into the loan. Income restrictions do not apply and you can also qualify for a refinance at a lower rate when rates change. Benefits of VA loans include: Locking in a loan with no down payment. Low monthly payments. No mortgage insurance required, saving you thousands. Typically no lender fees. You may roll in your closing costs. More credit flexible than a typical conventional loan. Only requirements for approval: DD-214 form. If you meet the military requirements and only need a limited loan amount then VA loans may be the right option for you. For any questions Please call us toll-free at 877 265 6277