The VA Home Purchase Program is the most popular of all VA programs. These loans are made by VA-approved lenders like ourselves, to eligible and qualified veterans for the purchase of a primary residence. There are many benefits to having a VA loan, such as:
- 100% financing without mortgage insurance.
- You may borrow up to $417,000 without any down payment.
- Interest rates on VA loans are not determined by credit scores.
- The VA funding fee is waived for many disabled veterans.
- The VA funding fee is reduced by making a down payment.
- Seller contributions may be used to pay most of your closing costs.
- You can paydown the principal ahead of time without penalties.
- Closing costs are comparable to other financing types.
- Counseling and assistance is available to veteran borrowers having financial difficulty or facing default on their loan.
- Veterans can use this program more than once
Although mortgage insurance is not required, the VA does charge every "non-exempt" VA loan borrower a one-time per loan funding fee ranging from 1.25% to 3.30% of the loan amount, depending on any down payment and if it is the borrower's first-time use or subsequent use of the program. The VA funding fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount. It may also be waived entirely for veterans receiving VA disability compensation or veterans otherwise considered "exempt" by the VA.
Veterans can apply for a VA loan with any mortgage lender that participates in the VA Home Loan Program. We are not only approved to originate and process VA loans, but that is what we do best. Please contact us for further details or click here to start the pre-approval process.
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