Did you know that your veteran status may qualify you for a VA mortgage with zero down payment and other special benefits? Over 22 million borrowers have purchased homes quickly and affordably using VA loans, yet many eligible homebuyers remain unaware of them. We want to make sure that if you are eligible for a VA mortgage, you do not miss out on this great opportunity.
A VA mortgage is a home loan which is insured by the US Department of Veterans Affairs (VA). This insurance reduces the risk of extending the loan, which means that borrowers qualify for more competitive terms and rates.
If you are eligible for a VA mortgage in Oakhurst or elsewhere in California, these are the advantages you can expect:
Move into a home right away with no down payment.
Unlike with an FHA loan, you will not need to pay for private mortgage insurance (PMI).
VA mortgages feature affordable interest rates even with zero down.
You do not need ideal credit to qualify for a VA mortgage.
It is common for the seller to agree to cover the closing costs on a VA home loan. If you do have to pay closing costs, they will have an affordable upper limit.
If you are a qualified disabled veteran, you may not need to pay a funding fee.
No prepayment penalties apply to VA mortgages. You can pay off your loan early if you want.
If you need a mortgage to finance construction, repair store upgrades, you can use a VA loan for that purpose as well as home purchase. It is also possible to refinance your home with a VA mortgage.
In order to qualify for a VA loan, you need to have completed the service requirement for the era during which you were active. In the majority of cases, 90 days of wartime service or 181 days of consecutive peacetime service fills this requirement.
The following can all qualify for a VA mortgage:
Active duty service members
Eligible surviving spouses
Every military branch is eligible along with the Reserve and National Guard.
There is no restriction on how many times you can use VA mortgage benefits, nor do they expire after a period of time. A foreclosure or bankruptcy also will not automatically disqualify you from a VA loan.
Granite West Funding, LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.