Wondering Exactly who is eligible for a VA mortgage? How many years of service do you need before you are able to get VA eligibility in order to obtain a VA Mortgage? Here’s our quick reference guide to help take the mystery out of VA eligibility!
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- Negotiable interest rates.
- Closing costs are comparable and sometimes lower – than other financing types. The VA limits what Veterans can be charged in origination fees and other fees
- 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.
- Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.
There’s many myths about VA Mortgages and Veteran buyers that we need to dispell out there. Veteran home buyers are some the best borrowers out there and historically VA Mortgages perform better than just about any other home loan out there. I hear to often that a VA buyer’s offer is being rejected due to unsubstantiated fears regarding VA appraisals, and other factors, sadly most of these fears are born in myth from years ago and are simply not true today.
If you are listing a home, or selling a home please take a few minutes to watch the video below to learn more about VA loans and why you should strongly consider a Veteran Home buyer who is using his VA benefit to purchase a home.
This question comes up pretty often, A Veteran is seeking to purchase a home with a VA Mortgage and wants to add his girlfriend to the loan or vise versa. Maybe they are engaged and not married yet, sometimes the plans for the wedding are for a date that will come after the purchase of the first home. More often than not we hear lenders telling a Veteran that it is not possible to add a non married non veteran co-borrower to a VA Mortgage and that they must get married in order for them to both be on the loan. That is actually false, but there are a few caviats.