Calling All Veterans and Active Duty Service members!
If you are a veteran or an active duty servicemember, you may be eligible for a VA Home Loan. With a VA loan, the VA guarantees a portion of the loan, whick enables lenders to provide more favorable terms for these types of loans. Here are some of the benefits of obtaining a VA loan to purchase your next home:
100% Financing
If eligible, you may finance up to 100% of the purchase price of the home! This means all you have to pay are closing costs, including the VA Funding Fee.
No Mortgage Insurance
Even if you borrower 100% of the purchase price, you will not have mortgage insurance on your loan. The only additional cost is a one time VA Funding Fee, that can be included into the cost of the loan.
Limits on Closing Costs
The VA has put limits on what closing costs a buyer getting a VA loan can and cannot pay.
VA Eligibility is Reusable
A VA loan is not a one time use loan! If you sell a home that you purchased with a VA loan, you can use your eligibility again to purchase another home.
Not Limited to Purchase Loans
You can refinance a VA loan and there are different types of refinances offered only on VA loans.
*** information provided by Heather Gilstrap of Legacy Mortgage
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