A Veterans Affairs (VA) Loan is a great alternative for those with military eligibility. VA Loans can offer up to 100% financing options for loan amounts up to $417,000. Active duty military, veterans, reservists and members of the National Guard, and some surviving spouses of veterans may be eligible for a VA Loan.
The benefits of VA loans include:
- Up to 100% financing may be available for loan amounts up to $417,000
- Usually lower interest rates than on conventional loans
- Usually less stringent underwriting standards and requirements than conventional loans
- No penalty fee if you pay the loan off early
- No private mortgage insurance requirements
- Less than perfect credit can apply
- VA may be able to provide some assistance if mortgage payment problems arise
In order to apply for a VA-sponsored loan, you will need to obtain a Certificate of Eligibility (COE). Your COE verifies to lenders that you meet the requirements necessary to obtain a VA-sponsored loan. Applying for a COE is straightforward and can be done online, through the mail or through a lender.
Please contact me to learn about various loan options and find out whether you qualify for a VA loan.