If you are a United States veteran, or if you are associated with the U.S. military forces in another way, you might qualify for a Veteran’s Administration (VA) loan. These loans have served as a great resource to innumerable people when purchasing a home. The loans have considerable advantages to offer. When you are shopping for a home in Winchester, Front Royal, or Purcellville, Virginia, you might want to find out if you are eligible for a Veteran’s Administration loan.
What are VA Loans?
This kind of loan is a mortgage made possible by the Department of Veterans Affairs. The mortgage is for people who have served or are currently serving in the United States military. Although the VA backs these loans, it does not provide them to those who apply. Private lenders are the ones who extend the loans to applicants.
The Advantages of Getting a VA Loan
One of the primary advantages of securing this kind of home loan is that typically, you will not be required to make a down payment. However, if a home’s purchase price is more than its value, you would need to make a down payment. Additionally, private lenders can require borrowers to make down payments, but generally, they do not require this. If you do make a down payment that is at least 5 percent, you can finance the VA funding fee. These loans have competitive interest rates, which can be negotiated.
Another benefit of getting a VA loan has to do with closing costs. The VA puts a limit on the amount that you can be charged for the closing costs. The seller may also pay these costs.
You will not be required to pay the premiums for private mortgage insurance if you qualify for a VA loan. You can also prepay this sort of loan without incurring a penalty. If you are a veteran facing default due to temporary financial issues, you might be able to receive assistance from the VA.
Who May Be Eligible for a VA Loan
First, you must meet various requirements to qualify for this type of mortgage. You may be eligible if are active duty personnel or a veteran. Other people who could qualify include members of the Reserves, members of the National Guard, and various spouses of deceased military personnel.
To be eligible, you must have suitable credit, pass the income qualifications, and provide a Certificate of Eligibility (COE). You can only utilize the home you buy with such a loan for your own occupancy.
See Whether You Qualify for a VA Loan
If you are interested in determining whether you are eligible for a VA home loan, talk to someone from Homespire Mortgage. We can assist you finding a mortgage that will fit your circumstances. We are delighted to serve the homeowners of Winchester, VA, as well as people who live in the surrounding areas, such as Strasburg, Stephens City, and Front Royal.
Contact us today for all your mortgage and refinancing needs!