A VA Loan is designed to offer long-term financing to veterans. VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA home loan is designed to support veterans, active service members, and eligible surviving spouses. Aside from the veteran's Certificate of Eligibility and the VA assigned appraisal, the application process is fairly similar to many other types of mortgage loans. Disabled Veterans and their surviving spouses are exempt from the funding fees while other qualifying borrowers can roll these fees into the loan.
The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.
Some Key Advantages of the VA Loan Include:
No downpayment when the sales price does not exceed the appraised value
The seller can pay closing costs
The typical interest rate can be lower than standard rates
Relaxed qualification standards
Refinance up to 90% of the home value
Roll funding fees into the loan amount
Get Pre-Approved for a VA Loan
If you are looking to buy a home in Idaho or Washington, contact Team Sabrina Homes Loans at (208) 277-8627 for more information or contact us here!