A VA loan is a mortgage guaranteed by the United States Department of Veterans Affairs and available only to active service members, veterans, and eligible surviving spouses. Unlike conventional loans, VA loans require no down payment to purchase or refinance a home.
Features
A VA loan is unique compared to a standard mortgage. While it is provided through a private lender, a portion of the principal is guaranteed by the federal government. This guarantee means that the Department of Veterans Affairs backs the loan, protecting the lender if the borrower defaults. Eligible borrowers can benefit from a small or even nonexistent down payment, making it a significant advantage of a VA loan. Be sure to ask Chris Lamm about the down payment requirements when requesting a VA loan.
Like any loan, a VA loan has standard requirements such as good credit and sufficient funds for payments. Additionally, you must be eligible through your military affiliation. For a complete list of eligibility requirements, visit the Department of Veterans Affairs website, which also answers many specific questions about the program.
When applying for a VA loan, you’ll need a certificate of eligibility to present to the lender. This certificate can be obtained through the Department of Veterans Affairs. Once you provide it to the lender, they can assist you in navigating the application process.
There are several benefits to a VA Loan, however here are a few to highlight:
Again, that's just a few of the benefits. Please reach out to us if you have any questions about VA Loans.