What Is A VA Home Loan?

WHAT IS A VA HOME LOAN?

The VA home loan is a loan provided by a participating lender like Veterans Lending Group. It is guaranteed by the U.S. Department of Veterans Affairs (VA). This guarantee means we can offer you more favorable terms on a home loan or refinance. You don’t need to be a first-time homebuyer, and you can reuse the benefit.

WHAT ARE THE BENEFITS?

The VA offers a few home purchase and refinance programs depending on your needs. In general, these programs can help you purchase a home with a competitive interest rate. They often don’t require a down payment (as long as the sales price doesn’t exceed the appraised value) or private mortgage insurance. The VA also offers programs that let you refinance an existing VA home loan or take cash out of your home’s equity.

OTHER BENEFITS OF THE VA HOME LOAN INCLUDE:

  • Up to 100% financing is available with no mortgage insurance.
  • No appraisal needed on VA Streamline Refinance loans.
  • VA rules limit your closing costs.
  • Closing costs may be paid by the seller.
  • You can’t charge you a penalty fee if you pay off the loan early.
  • If you have trouble making payments, the VA may be able to help.
  • Surviving spouses of deceased veterans may also be eligible. Contact us for details.

WHAT DO I NEED TO BE ELIGIBLE?

You must be the personal occupant of the home and must have sufficient income, suitable credit and a valid Certificate of Eligibility (COE). To obtain a COE, you must have been discharged under conditions other than dishonorable and meet certain service requirements. Contact us today to get pre-approved for VA financing. A licensed loan officer can help you to understand all your options and will walk you through the financing process from start to finish.

  • Regional Office
    15614 Meridian Ave E, Ste 400
    Puyallup, WA 98375
  • NMLS 1611351
  • 253.446.6100
  • 253.200.0645

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