- BUY A
- SOUTH STATE
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.
•Currently serving duty military personnel
•Members of the National Guard
•Qualified surviving spouses
•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
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.
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.