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Loan Officers
Randall T. Brown
NMLS: 220626
Randall T. Brown

VA Loans

Do You Qualify For a VA Mortgage? Find Out Here

VA Loans

VA loans are home mortgages available to borrowers who are presently serving or have previously served in the US military. Actually the VA – the Department of Veterans Affairs – doesn’t lend the money for the loans but they do back up loans that private lenders make to qualifying veterans.

Who Qualifies for VA Loans?

• Currently serving duty military personnel
• Veterans
• Reservists
• Members of the National Guard
• Qualified surviving spouses

Benefits of VA Mortgages

• Up to 100% financing available – no down payment required in many cases
• Interest rate is negotiable
• Fixed rate and adjustable rate loans are available
• Easier qualification than for conventional loans
• No mortgage insurance is required
• Mortgage is assumable
• Can pre-pay without any penalty
• The VA will help veterans who have defaulted due to temporary financial problems

How to Get a VA Mortgage

Qualifying veterans can get a VA loan through lenders that take part in the VA home loan program. The will need to get a Certificate of Eligibility from the VA in order to demonstrate to the lender that they qualify for the loan. The lender can get the certificate from the VA as a favor to the borrower.

How Large Can VA Loans Be?

Generally speaking there is no upper limit to a VA mortgage. However there are limits by county that are used to figure the maximum amount that will be guaranteed for any particular county. Usually a qualifying veteran can get a no-money-down loan as high as $417,000. In some expensive areas the loan can be as high as $1,094,000.

VA Loans are a great way for former and current military personnel to buy the home of their dreams. If you are a veteran you probably qualify for this type of loan.

To find out more about VA mortgage loans, call Mortgage Options today: (803) 732-5787 or Toll Free at (866) 456-5511.