VA Loans Near Me

What Are VA Loans?

VA loans are mortgage loans backed by the U.S. Department of Veterans Affairs (VA) to help veterans, active-duty service members, and eligible surviving spouses buy or refinance homes. VA loans have many perks: no down payment required, competitive rates and no private mortgage insurance (PMI). These loans are designed to make homeownership more affordable and accessible to those who have served.

VA loans are one of the most flexible and valuable loan programs out there, with benefits you won’t find with conventional loans especially for first-time homebuyers and those with limited savings.

VA Loan Features:

• No down payment required: VA loans allow eligible borrowers to buy a home with zero down.
• No private mortgage insurance (PMI): Unlike other loan types, VA loans don’t require PMI, saving you thousands over the life of the loan.
• Government-backed: The VA guarantees part of the loan, reducing risk for lenders and better terms for you.

When Should You Get a VA Loan?

VA loans are available to many military members and veterans and are perfect for those who don’t have a lot of savings for a down payment or want to avoid PMI. Common scenarios where a VA loan is a good idea:

1. Veterans and active-duty service members: If you’ve served in the military or are currently on active duty, you may qualify for a VA loan which has better terms than conventional loans.
2. First-time homebuyers: VA loans are great for first-time homebuyers especially those who don’t have much savings for a down payment.
3. Those who want to avoid PMI: Since VA loans don’t require private mortgage insurance, you’ll save hundreds a month compared to conventional loans with less than 20% down.

VA loans give military members and veterans a straightforward path to homeownership with financial flexibility and big savings.

VA Loan Benefits

VA loans have many benefits that makes them one of the best mortgage options for eligible borrowers:

• No down payment: VA loans allow you to finance 100% of the home’s value, so you can buy a home without having to save for a down payment.* No PMI required: Since VA loans are government-backed, they don’t require private mortgage insurance (PMI) even with zero down, saving you thousands over the life of the loan.
• Competitive interest rates: VA loans often have lower interest rates than conventional loans so long-term savings on your monthly mortgage payments.
• Lenient credit requirements: VA loans have more flexible credit requirements so borrowers with lower credit scores can qualify more easily than with conventional loans.
• Lower closing costs: The VA limits what lenders can charge for closing costs so less upfront costs for buyers.
• Assumable loans: VA loans are assumable, meaning if you sell your home, the buyer can take over your existing mortgage, potentially at a lower interest rate than what’s available in the market.

VA Loan Details to Consider

While VA loans have many benefits, here are a few to keep in mind:

• VA funding fee: While VA loans don’t require PMI, they do require a funding fee which helps fund the VA loan program. This fee can be rolled into the loan or paid upfront and is waived for veterans with a service-related disability.
• Primary residence requirement: VA loans are for primary residences only so you must plan to live in the home you’re buying. They cannot be used for investment properties or vacation homes.
• Property eligibility: Not all properties qualify for VA loans. The property must meet the VA’s standards which includes passing a VA appraisal to ensure it’s safe and livable.
• Entitlement limits: VA loans have a certain amount of entitlement which is the portion of the loan the VA guarantees. While there is no maximum loan amount, there is a limit on how much entitlement you can use which may affect how much you can borrow.

VA loans are designed to be flexible and accessible but understanding the eligibility requirements and funding fee is key to maximizing the benefits of this loan program.

Is a VA Loan for You?

A VA loan might be right for you if:

• You’re a veteran, active-duty service member or eligible surviving spouse.
• You want a mortgage with no down payment and no PMI.
• You have a lower credit score but still want competitive interest rates and good loan terms.
• You’re buying a primary residence whether it’s your first home or you’re upgrading.If you meet the qualifications, a VA loan is the most cost-effective way to finance a home with unmatched benefits compared to conventional loan options.

How to Apply

Applying for a VA loan involves getting your Certificate of Eligibility (COE) and meeting the VA’s loan requirements but Keyswag Lending makes the process easy and fast. We specialize in helping veterans and service members navigate the VA loan process and get the financing they need.

Here’s how we can help:

1. Initial consultation: We’ll review your military service, financial situation and homeownership goals to determine if a VA loan is right for you.
2. Certificate of Eligibility (COE): We’ll get your COE from the VA which verifies your eligibility for the loan program.
3. VA loan options tailored for veterans: Our team offers various VA loan programs with competitive rates and terms so you get the best financing available.
4. Guidance through the VA loan process: From gathering required documents to closing the loan, we’ll guide you every step of the way to make the process smooth and stress-free.

At Keyswag Lending we’re committed to helping veterans and service members get the benefits of VA loans and achieve their homeownership goals.

Get Started

Ready to get started? Contact us today for a free consultation. We’ll help you navigate the VA loan process and get the financing you need for your next home.