The VA loan is a promise pledge by the government. It is a way to honor and thank those who served. The government pledges to stand behind VA borrowers. That promise comes in the form of a financial guaranty, an obligation to repay a portion of a borrower’s mortgage in the event of default.
All service members having served the prescribed active duty time and did not receive a dishonorable discharge are eligible for VA financing, which includes the National Guard, Reserves, Veteran Retirees along with active duty service members.
For those who are eligible you receive 100% financing for the purchase of an “Owner-Occupied” home. This could be a single family home, condo, duplex, triplex or four-plex. Also, when purchasing a duplex, triplex, or four-plex, you are required to live in one of the units but you can use the rent from the other units in order to help you qualify for the loan.
Other VA loan benefits include:
- Repair existing homes with a loan
- Refinance your home in order to pull out cash
- Installing energy efficient improvements with a VA purchase or refinance loan
ARE YOU ELIGIBLE? Contact me to find out what you are entitled too!
Did you know:
- You don’t have to be a Veteran to use your $0 down, $0 closing cost VA Loan?
- You can have more than one VA loan at a time?
- Unlike rent, house payments stay the same?
- Historically, home prices/values have always increased over time?
- The home you could buy today will very likely cost significantly more in 5 years?
- You should take advantage of today’s low interest rates if you have the opportunity?