There is one thing the U.S. is doing right for its veterans and that is VA loans.
If you currently serve or have served in the United States armed forces, you are eligible for Veterans Administration (VA) Loans, so long as you haven’t been dishonorably discharged. Also, reservists and National Guard members are now eligible for 100% VA loans.
What’s so great about these loans is that:
- No down payment is required
- There is no prepayment penalty
- No mortgage insurance is required
- The qualifying guidelines may be more liberal than those for conventional financing
While this is all good stuff, there’s more!
A veteran having at least 10 percent service-connected disability is exempt from paying the funding fee, which is a fee due at closing to defray the cost of administering the VA home loan program.
This is great for those veterans thinking about buying a home, but what about veterans who already own a home? There’s good news for those folks, too!
VA refinancing has been streamlined, encouraging veterans to take advantage of interest-rate-reduction refinancing loans. These loans pull no equity out of the property; they simply refinance the debt. To qualify, the existing loan must be a VA loan and the new rate must be lower than the previous rate. No appraisal or credit check is required.
For more information on these programs, contact a mortgage loan officer.
