If you’re a U.S. veteran, then you may qualify for a loan guaranteed by the Veterans Benefits Administration (VA). These mortgage options may come with no down payments and favorable terms. There are several VA loan programs, so be sure to ask your mortgage advisor which is best for your financial situation.
VA Loans may be the perfect fit for…
- U.S. vets and their spouses looking to buy or refinance a property.
- Borrowers with low to moderate levels of income.
- Buyers with restricted funds for down payments.
Options with no down payments
Veterans that qualify may be able to receive financing for the entire loan amount and forego any down payment.
No mortgage insurance required
The VA does not require monthly mortgage insurance payments. However, a funding fee is often required for transactions.
Refinancing options are available
VA borrowers may be able to refinance existing VA Loans to receive lower interest rates.
No penalties for prepayments
These types of loans do not penalize borrowers for early payments.
Multiple rate type options
Both Fixed and Adjustable Rate Loan Options Available