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VA Loan
If you are a veteran or otherwise associated with the U.S. military forces, you could be eligible for a Veteran’s Administration (VA) loan. Numerous people have found this type of loan to be an invaluable resource when buying a home. These loans offer some significant advantages to those who qualify for them. When you are looking for a home loan in Martinsburg, Charles Town, or Hedgesville, WV, you may want to determine whether you are eligible for such a loan.
What is a VA Loan?
A VA loan is a mortgage loan, and it is supported by the Department of Veterans Affairs. This kind of mortgage is intended for people who are either serving or have previously served in the military. It is not the VA that lends the money for these loans, but the VA does it back them. The loans are extended by private lenders.
The Benefits of a VA Loan
One of the main benefits of getting this type of loan is that no down payment is generally required. The exception to this is if a home’s purchase price is higher that its value. Also, a private lender has the option of requiring a down payment, but typically, you can expect to get such a loan without making one. If you make a down payment of at least five percent, you may also finance the VA funding fee.
These loans also come with competitive interest rates, and the rates may be negotiated.
Another top advantage of getting one of these loans is in relation to closing costs. The Veteran’s Administration limits the amount that you may be charged for closing costs, and these costs can also be paid by the seller. The closing costs are similar to other financing costs, and in some cases, they are lower.
You are not required to pay private mortgage insurance premiums when you get a VA loan, and you are allowed to prepay this type of mortgage without being penalized financially.
If you are a veteran and face default because of temporary financial trouble, you are also eligible for VA assistance.
Who Might Qualify for a VA Loan
You must meet certain criteria in order to be considered eligible for a VA loan. If you are a veteran or you are active duty personnel, you may qualify. Others who could be eligible to get this type of mortgage include National Guard members, Reserve members, and some surviving spouses of military personnel.
To qualify for a VA loan, you must also have adequate credit, meet the income requirements, and produce a Certificate of Eligibility (COE). You may only use the home you purchase with a VA loan for your occupancy.
Find Out if You Qualify for a VA Loan
If you want to know whether you would be eligible for a Veteran’s Administration loan, you can consult a representative of Homespire Mortgage. We are happy to help you find the right kind of mortgage for your household in Martinsburg, WV, or the surrounding areas, including Shepherdstown, Falling Waters, Hedgesville, Charles Town.
Contact us today for all your mortgage and refinancing needs!
VA Loan
If you are a veteran or otherwise associated with the U.S. military forces, you could be eligible for a Veteran’s Administration (VA) loan. Numerous people have found this type of loan to be an invaluable resource when buying a home. These loans offer some significant advantages to those who qualify for them. When you are looking for a home loan in Martinsburg, Charles Town, or Hedgesville, WV, you may want to determine whether you are eligible for such a loan.
What is a VA Loan?
A VA loan is a mortgage loan, and it is supported by the Department of Veterans Affairs. This kind of mortgage is intended for people who are either serving or have previously served in the military. It is not the VA that lends the money for these loans, but the VA does it back them. The loans are extended by private lenders.
The Benefits of a VA Loan
One of the main benefits of getting this type of loan is that no down payment is generally required. The exception to this is if a home’s purchase price is higher that its value. Also, a private lender has the option of requiring a down payment, but typically, you can expect to get such a loan without making one. If you make a down payment of at least five percent, you may also finance the VA funding fee.
These loans also come with competitive interest rates, and the rates may be negotiated.
Another top advantage of getting one of these loans is in relation to closing costs. The Veteran’s Administration limits the amount that you may be charged for closing costs, and these costs can also be paid by the seller. The closing costs are similar to other financing costs, and in some cases, they are lower.
You are not required to pay private mortgage insurance premiums when you get a VA loan, and you are allowed to prepay this type of mortgage without being penalized financially.
If you are a veteran and face default because of temporary financial trouble, you are also eligible for VA assistance.
Who Might Qualify for a VA Loan
You must meet certain criteria in order to be considered eligible for a VA loan. If you are a veteran or you are active duty personnel, you may qualify. Others who could be eligible to get this type of mortgage include National Guard members, Reserve members, and some surviving spouses of military personnel.
To qualify for a VA loan, you must also have adequate credit, meet the income requirements, and produce a Certificate of Eligibility (COE). You may only use the home you purchase with a VA loan for your occupancy.
Find Out if You Qualify for a VA Loan
If you want to know whether you would be eligible for a Veteran’s Administration loan, you can consult a representative of Homespire Mortgage. We are happy to help you find the right kind of mortgage for your household in Martinsburg, WV, or the surrounding areas, including Shepherdstown, Falling Waters, Hedgesville, Charles Town.
Contact us today for all your mortgage and refinancing needs!