VA Loans for Veterans and Service Members
Introduction to VA Mortgages and Home Loan Program
Buying a home is one of the biggest and most important decisions you will ever make. We understand that and want to make the process as easy as possible. Whether you are a first-time homebuyer or are experienced with the process, we're here to make your home buying journey a great one.
Since 1944, when home loan guarantees were part of the original GI Bill, the VA has guaranteed over One Trillion dollars. On October 26, 2012, the Department of Veterans Affairs announced it has guaranteed 20 million home loans since its home loan program was established.
The VA Home Loan program allows veterans with qualifying income and credit to purchase a primary residence without putting any money down towards the sale price of the home, as long as that sale price does not exceed the appraised value of the home. Veterans do need money towards closing costs as well as earnest money, which the seller generally requires when a sales contract is signed. Closing costs may be paid by the seller, which can be negotiated when the sale price of the home is set.
Just Follow These Simple Steps
- Use the Debt to Income Ratios to figure out how much you can afford to pay for a home.
- Get pre-approved on your home loan. Knowing that your mortgage loan and credit report are already approved will let you look for your new home with confidence. Also, a pre-approval lets the seller know that your offer is solid and that you're a serious buyer.
If 100% financing isn't enough, there are even more benefits to applying for your VA home loans for veterans who are ready to purchase a home:
- VA home loans are assumable, provided the person assuming the loan is qualified.
- Veterans' closing costs are limited by VA, making sure you won't be asked to pay more than a fair price for closing costs.
- You have the VA behind you offering additional assistance if you ever find you are having problems making your home loan payments, at any time in the future.
- Veterans can prepay their VA Home Loans without a penalty.