May 23, 2017

Veteran “VA Loans”

This 100%, no money down loans is a benefit established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. The Department of Veterans Affairs does not directly originate VA loans, instead, they establish the rules for those who may qualify, dictate the terms of the mortgages offered and insure VA loans against default.

As a Veteran, you are entitled to use your VA benefits to obtain a VA Home Loan. If you qualify, the program allows you to purchase your primary residence with 100% financing. This means all you would pay out of pocket at closing is the closing costs on the loan. However, it is possible, with seller concessions, to purchase your home with little or no money out of pocket. Unlike other loans, this loan does not have mortgage insurance.

There are some basic steps involved in obtaining VA Home Loans. The more information you have about the VA loan process, the more you will realize how uncomplicated the process is. Other than requiring a certificate of eligibility and an appraiser assigned by the VA, the VA mortgage loan process is very similar to the conventional loan process.