VA home loans help Veterans like you build, buy, improve, or refinance a home. A VA loan may offer better terms than with a traditional loan from a private bank, mortgage company, or credit union. Nearly 90% of VA-backed loans are made with no down payment. Find out about different loan programs—and how to apply.
VA Home Loans
The first unique characteristic about VA Loans is the Government agency backing this program: The United States Department of Veterans Affairs.
The second unique characteristic about VA Loans and home buying programs is that they are offered to qualifying veterans and/or surviving spouses. Qualified borrowers can take advantage of several perks, but must go through a VA Loan-Approved Lender. The lender issues a short-term construction loan that is then refinanced into a VA Home Purchase Loan. Refinancing offers borrowers the ability to refinance at a lower rate when the lower rate hits the market. Also borrowers may qualify to roll over the closing cost into the loan. Cash out refinance option is also available if the borrower has enough equity and lives in the property.
VA Loans also offer no income restrictions, no down payment option and non-mandatory Private Mortgage Insurance.
Contact our home building experts today about financing your new home.