VA loans offer many benefits, including:
VA loans are available to eligible borrowers to finance the purchase of a home, including – Single-family homes, Condominiums, Manufactured homes, Multifamily homes, Second homes, Home improvements and Refinances.
VA loans are administered by private lenders, such as banks and mortgage companies. The VA does not lend money directly to borrowers. Instead, the VA guarantees a portion of the loan, which reduces the risk for the lender. This allows lenders to offer more favorable terms to VA borrowers, such as no down payment and no PMI.
To be eligible for a VA loan, you must meet the following requirements:
The COE is a document that proves your eligibility for a VA loan. You can get a COE online or by contacting the VA.
Once you have a COE, you can start shopping for a VA loan. It is important to compare interest rates and fees from different lenders before you choose a loan. You can use the VA’s Loan Guaranty Home Loan Lender Locator to find lenders in your area.
VA loans are a great option for Veterans, Service members, and eligible surviving spouses who are looking to buy a home. They offer many benefits that can help you save money and get into the home of your dreams.
Here are some additional details about VA loans:
If you are a Veteran, Service member, or eligible surviving spouse, I encourage you to consider a VA loan. VA loans can make it easier and more affordable to buy a home.
Contact your GenNext.Mortgage loan advisor today.