A Veteran’s Affairs (VA) Loan is one of the best mortgage programs out there.
If you are an active military member, veteran, reservist, or veteran’s surviving spouse, you are eligible to take advantage of a VA Loan. Such loans can be availed, even with an unimpressive credit score and rating. Unlike other market loans, a VA loan is available as both fixed rate and ARM mortgage and does not include any monthly insurance (PMI).
VA Loans Are Good For:
Are you interested in buying a home with no down payment? Do you want to refinance up to 150% of your home value? With a VA Loan, you can do just that. VA interest rates are low, with $0 down payments on a home purchase. They also allow you to finance up to 150% of their primary home’s value and purchase a new home with no down payment requirements. No, really. No down payment requirement. With this huge benefit, VA loans offer a better, more attainable alternative to military homeowners.
In several cases, a 10-year, 20% down payment loan puts home ownership out of the question for many first time buyers, especially those surviving on war veteran and social security benefits. Conventional loans require a minimum of 5% down payments, while VA loans require 0%.
VA Loan Details
You don’t need perfect credit or a significant amount of money saved up to take advantage of a VA Loan.
Low Monthly Payments. VA loans offer two benefits that lead to a substantially lower monthly payment. Firstly, monthly Private Mortgage Insurance (PMI) is not applicable on VA loans. This removes the added monthly cash outflow which the buyers would have to bear if they opted for a conventional loan. Secondly, VA loans are offered with low and competitive interest rates.
Easier Qualification. The qualification guidelines for VA loans are less stringent than traditional loans. Since all VA loans are backed by the government, banks have relaxed the lending rules and regulations for all VA loan applicants. Imperfect credit and more flexible debt versus monthly income ratios allow more military members to achieve the American Dream of becoming a homeowner.
At Absolute Home Mortgage Corporation, all our loan officers are federally licensed. Communicating with our loan officers is the first step towards getting the right mortgage deal on your home. Because everyone has differing loan needs, our officers will assess your needs, ask you relevant questions, and advise you on the best loans and monthly payment plans as per your requirements.
Getting in touch with one of our licensed Loan Officers is the first step towards determining if a VA Loan is the best option for you. Our loan officers will also explain all the relevant steps, from getting started and locking in your low interest rate to you sitting at the closing table with the keys in your hand!
Secure your VA Loan At One of Our Branches
With licenses across the country and local branches in your neighborhood, you’ll find it stressless to trust us with your home financing. All of our Loan Officers are federally licensed. Talking to a licensed Loan Officer is an important step to getting the right mortgage loan. Everybody has different loan needs and your Loan Officer will know which questions to ask in order to best match you with the right loan and monthly payment.
Personalized Help. The Loan Officer will also explain all the steps–from getting started, to locking in your low rate, to closing your loan Because we are a direct lender, if you have any questions during the loan process, you will have one direct number enabling you to get quick answers straight from the source.
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Whether you’re looking to buy or refinance, we have a loan program for you. Get started on the road to accomplishing your mortgage needs with us at Absolute Home Mortgage.