VA Loans

VA loans are made to eligible veterans for the purchase of a home used strictly for personal occupancy. For VA housing loan purposes, the term “veteran” includes certain members of the Selected Reserve, active-duty service personnel, and certain categories of spouses.

The VA loan program helps veterans fund the purchase of homes with favorable loan terms - at an interest rate often lower than other mortgages products.

VA Home Loans offer the following features:

• No down payment required (provided the veteran is income and credit-qualified, and the purchase price is more than the reasonable value of the property).
• Buyer informed of property’s reasonable value.
• Negotiable interest rates.
• Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation).
• Comparable closing costs with other financing types (or may even be lower).
• No mortgage insurance required.
• An assumable mortgage (with the approval of the VA).
• Right to prepay the loan without penalty.
• VA assistance to veteran home buyers in default due to temporary financial difficulty.