VA Loans

Other benefits of a VA loan include:

• -No down payment
• -Negotiable interest rates
• -Closing costs are comparable and sometimes lower than other financing types
• -No private mortgage insurance requirement
• -Right to prepay loan without penalties
• -The mortgage can be taken over (or assumed) by the buyer when a home is sold

Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount. The VA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA. Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan.

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