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VA Loans 101 – The Basics

VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

The guarantee VA provides to lenders allows them to provide you with more favorable terms, including:

  • No down payment as long as the sales price doesn't exceed the appraised value.

  • No private mortgage insurance premium requirement.

  • VA rules limit the amount you can be charged for closing costs.

  • Closing costs may be paid by the seller.

  • The lender can't charge you a penalty fee if you pay the loan off early.

  • VA may be able to provide you some assistance if you run into difficulty making payments.

You should also know that:

  • You don't have to be a first-time homebuyer.

  • You can reuse the benefit.

  • VA-backed loans are assumable, as long as the person assuming the loan qualifies.

Are you eligible for a VA Loan?

Call us to talk through the home loan process at 727-821-5518 or check out the program specifics straight from the VA here

#VALoans #veterans #loans #mortgage

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