VA Loans
A VA loan is a mortgage loan available through a program established by the United States Department of Veterans Affairs. VA loans assist service members, veterans, and eligible surviving spouses to become homeowners. The VA sets the qualifying standards, dictates the terms of the mortgages offered and guarantees a portion of the loan. VA home loans are provided by private lenders, such as banks and mortgage companies.
Pros:
- No down payment is mandated unless required by the lender, or if the purchase price is above the established property value.
- There is no private mortgage insurance premium requirement.
- Closing costs are limited and may be paid by the seller.
- Assistance is available from the VA to help borrowers avoid default.
- Many states offer additional benefits to veterans, such as property tax reductions.
Cons:
- You may have less equity in your home.
- VA Loans Cannot be used to purchase vacation homes or investment properties
- Higher funding fee for subsequent use
Ready to talk to one of our local St Marys loan specialists about a VA loan on a home in Camden County? Get in touch today!
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