VA Loans

WHAT ARE VA LOANS?

Are you an active member of the U.S. military or a veteran that has completed their term of service? If so, you may qualify for a loan guaranteed by the U.S. Department of Veteran Affairs. While VA loans do come with additional qualification barriers that not every home buyer will meet, these VA loans can be easier to obtain and potentially more flexible than conventional loans for those who do qualify.

BENEFITS AND TIPS

VA loans do not require the borrower to make a down payment on their new property. It is common for many other loan programs to require homeowners to place a certain percentage of money aside to cover a down payment; however, VA loans do not require a down payment or mortgage insurance.

Another added benefit of taking out a VA loan is that there is additional assistance offered to qualified borrowers who are struggling to make the payments on their mortgage. The VA, as an organization, will help borrowers in the event that they begin having trouble making loan payments.

It is noteworthy to keep in mind that a VA loan will require a one-time fee that is dependent upon the size of the loan and the type of veteran who is applying. Although VA loans generally carry less costs than other types of loans, it is still good to keep this one-time fee in mind in order to plan accordingly.

If you have further questions about VA Loans or would like to know if you qualify for one, please contact LoanLeaders of America today!