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VA Loans honor veterans and their families with compelling home financing options.
VA loans stand as a symbol of appreciation for the courageous individuals who have served our nation. These loans provide a distinct opportunity for veterans, active service members, and eligible surviving spouses. These government-backed loans provide an easier pathway to homeownership, even if one’s credit history isn’t stellar.
VA Home Loans are one of the best options for Veterans and active military looking to purchase their first home. Veterans and active military members can obtain a VA loan by meeting requirements set by the Department of Veterans Affairs. The VA loan comes with a low-interest rate and a 30-year fixed rate. There are no closing costs and no prepayment penalties. VA loans are available for both new and resale homes.
VA loans are also available to all those who have served in the U.S. military, including members of the National Guard or Reserves. The VA loan is a great option for veterans looking to purchase their first home, or for active military members who want to purchase a home before they retire.
A VA loan, backed by the U.S. Department of Veterans Affairs, is more than just a mortgage. It’s a testament to the nation’s commitment to those who’ve donned the uniform. VA loans encompass a range of home and refinancing choices, featuring guarantees that enhance their appeal to lenders. These advantages translate into benefits such as no down payment and more lenient credit requirements.
While VA loans have more lenient credit requirements, not every veteran or service member automatically qualifies. Eligibility depends on factors such as duration of service, nature of duty, and more. A Certificate of Eligibility (COE) is required for the process and certain documents based on the applicant’s status (veteran, active-duty service member, National Guard member, etc.) must be submitted.
A VA loan is a mortgage option backed by the U.S. Department of Veterans Affairs. It is designed to help eligible veterans, active service members, and qualified surviving spouses purchase or refinance a home.
In most cases, VA loans don’t require a down payment. This is one of their major advantages over conventional loans.
A COE is proof that you meet the initial eligibility criteria for a VA loan based on your military service. Lenders require this certificate before approving a VA loan.
Yes, VA loans often have more lenient credit requirements than conventional loans. Be sure to contact your First Veterans Mortgage Loan Officer for more specific program guidelines for VA Loans.
The VA requires that homes purchased with a VA loan must meet their Minimum Property Requirements, ensuring they are structurally sound, safe, and sanitary for the buyer’s primary residence.
A VA loan is government-backed and offers benefits like no down payment, lower interest rates, and no PMI. Conventional loans do not have government backing and frequently come with more stringent eligibility criteria and requirements.
Absolutely! There are specific VA refinancing options available, like the VA Streamline Refinance (IRRRL) and the VA Cash-Out Refinance.
No, one of the significant benefits of VA loans is that they don’t require Private Mortgage Insurance (PMI).
Yes, you can reuse your VA loan benefits if you have paid off your previous VA loan OR if the previous home was sold and the VA loan was paid off.
The VA funding fee is a single payment designed to help offset the overall cost of the loan to taxpayers. The specific amount varies depending on factors such as the type of loan, the down payment made, and whether the borrower has previously utilized a VA loan.
Yes, members of the National Guard and Reserves can qualify for a VA loan, but eligibility criteria based on service duration and type may differ from active-duty personnel.
The VA loan, with its myriad benefits, represents a nation’s tribute to its protectors. Providing prospective homeowners with the opportunity to acquire a home without a down payment, benefit from reduced interest rates, and gain additional advantages for those with disabilities, the VA loan is a valuable tool that can turn the dream of homeownership into a reality for many who have served our country. If you’re considering this route, First Veterans Mortgage is ready to guide you through the process.
*All product information represented on this page is subject product guidelines and can change at anytime. It is for educational and informational purposes only and not a commitment to lend. Please contact your Nationwide Mortgage Bankers Loan Officer today get the latest product guidelines and guidance on what loan programs fit your unique financial picture and goals.
We make financing your home simple and seamless with our user-friendly online platform, allowing you to quickly apply and get pre-qualified for a home loan. Our mortgage specialists offer prompt feedback and support, ensuring a smooth and efficient home financing journey.
Nationwide Mortgage Bankers, Inc. (NMB), going by NMB Home Loans, Inc. in the states of AL, AZ, GA, IL, IA, KS, LA, MN, MT, ND, OK, PA, SC, SD, TX, WV and as NMB Home Loans in KY and MA| NMLS# 819382 | (www.nmlsconsumeraccess.org) 3 Huntington Quadrangle, Suite 403N, Melville, NY 11747 | Branch NMLS 1822931 | (833) 700-8884 | www.nmbnow.com. NMB is in no way affiliated with Nationwide Mutual Insurance Company. First Veterans Mortgage is a registered DBA of Nationwide Mortgage Bankers, Inc. | All loans are subject to credit and appraisal approval. Not all applicants may qualify. Some products and services may not be available in all states. | NMB is not acting on behalf of or at the direction of FHA/HUD/USDA/VA or the federal government. | This is an advertisement. | Licensed under the California Finance Lenders Law by The Department of Financial Protection and Innovation #60DBO73939 | Georgia Residential Mortgage License | Massachusetts Mortgage Lender License #ML819382 | Licensed by the New Jersey Department of Banking and Insurance | Licensed Mortgage Banker – New York Department of Financial Services | Rhode Island Licensed Lender | Licensed by the Virginia State Corporation Commission. | Additional state licensing information can be found at https://nmbnow.com/disclosures-and-licensing/
By refinancing your existing home loan, your total finance charges may be higher over the life of the loan.
