Through what are commonly known as VA loans, the U.S. Department of Veterans Affairs (VA) provides affordable home financing options for service members, veterans and their surviving spouses. But how does someone become eligible? And what are the benefits?
Up next, we’ll learn how to get this kind of loan and why having one can be a tremendous advantage for a homebuyer or homeowner looking to refinance.
The Benefits of VA Loans
On top of this, VA loans typically feature reduced closing costs and mortgage interest rates. They also don’t require private mortgage insurance (PMI) or entail any prepayment penalties. Plus, there’s financing up to 100 percent. In addition, the buyer has the option of a fixed- or adjustable-rate mortgage. For a full list of benefits, click here.
VA Loan Requirements
*A down payment is required if the borrower does not have full VA entitlement or when the loan amount exceeds the VA county limits. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit guidelines, and property limits. Fairway is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency.