What is a VA Home Loan?
A VA loan is a type of mortgage program established by the US Department of Veterans Affairs (VA), previously the Veterans Administration. Military personnel and qualified veterans may purchase a home with little to no down payment, no private mortgage insurance, and lower interest rates. If you’ve ever served in the armed forces, be sure to consider VA home loans.
Why Choose A VA Home Loan?
There are many benefits to choosing a VA loan. Down payment requirements are generally lower than FHA or conventional mortgage loans, as well as there is no required private mortgage insurance (PMI) for down payments below 20%.
Additionally, it can be easier for some borrowers to qualify for VA loans. As with all other mortgages, VA loans require specific documentation, minimum credit history, and sufficient income, among other requirements, in order for a borrower to be eligible. But, compared to other programs, VA loan guidelines tend to be more flexible. This is because the Department of Veterans Affairs genuinely wants to make the loan process easier for military members, veterans, and qualifying military spouses to buy or refinance a home.
Navigating the VA loan process can be intimidating, but our mortgage specialists are here to guide you through. Whether you are considering a VA mortgage loan or would like to explore the many other mortgage products we have available our experienced mortgage advisors at Preferred Mortgage Source are here to help you choose the best option for you. Give us a call at 404-383-1003 or complete our easy contact form below and we will contact you soon.
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