Veterans: Consider a VA Home Loan FIRST


If you are a veteran considering a home purchase, you may wonder where to begin. Your first step is loan approval. A common misconception is that VA loan approval is done directly through the Veterans Administration. This is not the case. You must qualify through a VA Guaranteed lender such as a bank, mortgage lender, or savings & loan company.

Once your VA loan is approved by your lender, VA will guarantee a portion of the loan amount to the lender. The guarantee insures the lender against default. This means that if you were to default and your lender foreclosed against your property, they would be guaranteed against a percentage of that loss.

However, there are certain items the VA does not guarantee:

  • You will be asked (not required) to complete a home inspection since VA does not guarantee that the home is defect free.
  • Order a builder to fix defects in your home if you had a house built.
  • Guarantee that a veteran is making a good investment.
  • Provide veterans with legal services.

One of the amazing benefits of a VA loan is a VA borrower’s ability to qualify with no money down. A VA home loan is one of the last remaining zero down payment loans which means you can purchase a home with little to no money out of your pocket.


Additional Benefits of a VA Loan:

  • Any qualified veteran or current military personnel has equal opportunity to be given a VA loan.
  • 100% financing is often available.
  • Buyer is notified of appraised value.
  • VA will assist borrowers in case of default due to financial difficulty.
  • The VA funding fee can be financed into the loan amount.
  • Closing costs comparable (possibly lower) to other financing types.
  • Interest rate can be negotiated.
  • An assumable mortgage.
  • Ability to prepay without being penalized.
  • For houses appraised by the VA during construction, builder-provided warranty and help from the VA in acquiring builder cooperation.
  • No mortgage insurance required.


Qualify for a VA Loan

Whether you have used your VA eligibility previously or are using your VA benefits for the first time, we would love to help you understand the unique advantages of a VA Home Loan.

Start using your VA Benefits and be on your way to owning a home of your own.


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