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VA Loans

VA Loans

VA guaranteed loans are made by lenders and guaranteed against payment default by the US Government.    The Government created the VA loan program as a benefit for those who served in the Armed Forces.  The biggest advantage of the VA Loan program is that the borrower can purchase a home with zero down.

Low to no down paymentSome of the key advantages of the VA loan are:

  • Seller contributions are allowed
  • More flexible underwriting (approval)
  • Closing costs that lenders can charge are restricted (e.g. Loan Origination Fee cannot exceed 1%)
  • The VA Funding Fee is waived if the veteran is determined to be “disabled”
  • VA loans are “assumable” to other qualified buyers
  • VA Refinances can be streamlined (less documentation required for approval)
  • Some closing costs may be financed (less out of pocket expenses)
  • The VA loan is guaranteed by the US Government which makes it more desirable for lenders and other institutions

The US Government does not set a limit on the amount of money a veteran can borrow under this program.  However since the loan guarantee is limited most lenders have limits on how much can be borrowed and where there is a down payment requirement on higher loan amount.  Here is a list of maximum guaranteed loan limits by State and County.

The veteran must be able to provide a Certificate of Eligibility from the VA to qualify for the loan. Contact us for more information on VA loans.

 

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