Mortgage Aurora

VA Loans

VA Loans

A VA loan is a mortgage loan which is guaranteed by the U.S. Department of Veterans Affairs. If you're a current servicemember, a veteran, or a surviving spouse of a veteran you may qualify for a VA loan. The VA doesn’t actually issue loans. Rather, it basically insures a portion of them, and that fiscal guaranty gives lenders the confidence to extend no-down-payment financing with competitive rates and terms. A whopping 90% of VA loans are issued without a down payment. They also have lower interest rates than most home loans. In addition to the unique no-down-payment policy, VA loans do not require borrowers to hold monthly private mortgage insurance. That means more money in your pocket that would otherwise go to an insurance company, and it signals an extension of trust from the VA to the veteran it is serving. The VA promises to repay the lender a portion of the loan if the borrower defaults. If you'd like to learn more about this program contact me today and I'll walk you through all the details.

Below I've listed a few key points of VA loans:

Features
  • Provides financing for qualified veterans, reservists, active duty personnel, or eligible family members.
  • Available in a variety of fixed-rate and adjustable-rate loan options.
  • Has low-and-no-down payment options.
  • Allows closing costs to come from a gift or grant.
  • Lets you add extra features such as a temporary buydown.
Benefits
  • Provides a wide range of rate, term, and cost options.
  • Doesn't require monthly mortgage insurance.
  • Provides the potential for minimal out-of-pocket expenses with seller contributions.
Benefits
  • You typically have to pay a one-time VA funding fee that can be financed into the loan amount.
  • You can get financing for your primary residence only.
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