What are the benefits of a VA home loan?
• Equal opportunity. • No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property). • Buyer informed of reasonable value. • Negotiable interest rate. • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation). • Closing costs are comparable with other financing types (and may be lower). • No mortgage insurance premiums. • An assumable mortgage. • Right to prepay without penalty. • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder. • VA assistance to veteran borrowers in default due to temporary financial difficulty.
• Equal opportunity. • No downpayment (unless required by the lender or the purchase price is more than the reasonable value of the property). • Buyer informed of reasonable value. • Negotiable interest rate. • Ability to finance the VA funding fee (plus reduced funding fees with a downpayment of at least 5% and exemption for veterans receiving VA compensation). • Closing costs are comparable with other financing types (and may be lower). • No mortgage insurance premiums. An assumable mortgage. • Right to prepay without penalty. • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder. • VA assistance to veteran borrowers in default due to temporary financial difficulty. What can VA not do? Guarantee that a home is free of defects. VA guarantees only the loan. It is your responsibility to assure that you are satisfied with the property being purchased. The VA appraisal is not intended to be an “inspection” of the p
Related Questions
- You must complete VA Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan Benefits and submit it to the VA Eligibility Center along with acceptable proof of service as described on the instruction page of the form. How do I obtain a VA Home Loan?
- What VA home loan benefits are available for retired military veterans?
- What are the benefits of a VA home loan?
