VA Loans
VA Loan:
A VA loan is a mortgage loan guaranteed by the Veterans Administration. It was created in 1944 and signed into law by President Franklin D. Roosevelt. A VA loan provides veterans and/or their surviving spouses who have not remarried, with a federally guaranteed home with zero down payment. The program has been highly successful and has helped millions of American veterans and their families acquire a home.
Advantages:
Features:
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No down payment
VA does not require private MIP
Limit on the amount of origination fees and closing costs that the lender can charge
Limit also placed on appraisal fees
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Borrower with eligibility remaining must have a Certificate of Eligibility from the VA
Borrowers are required to make a one-time funding fee based on loan amount and applicant’s service length.
Closing costs can be paid by the lender and the seller