Military service may provide favorable opportunities for home buyers who qualify for a VA mortgage loan. Current and former members of the United States Armed Forces may be eligible for attractive financing options. Perennial Funding offers affordable mortgage loans that comply with guidelines that are established by the U.S. Department of Veterans Affairs.
VA home loans provide enviable financing terms for qualified borrowers who will be using the funds toward the purchase of a primary residence. Unlike other popular lending products, VA home loans may not be used to purchase a vacation home or an investment property.
What is so great about VA mortgage loans? The U.S. Department of Veterans Affairs does not lend money to home buyers. However, it provides a loan guarantee for borrowers who meet the financing requirements. In the event that a borrower defaults on a VA home loan, the mortgage lender is assured that the VA will guarantee 25 percent of the loan amount. Eligible borrowers may also be able to refinance a VA mortgage loan.
Using a VA mortgage loan, a qualified borrower can buy a home without making a down payment toward the purchase price. Securing a mortgage loan with no money down is a feature that most borrowers are not able to obtain via Fannie Mae or Federal Housing Administration guidelines. While a VA mortgage loan requires an upfront funding fee, a borrower will not be required to pay monthly private mortgage insurance payments.
Shown below are some of the benefits of buying a home with a VA mortgage loan.
Working with lending professionals who know how to properly submit a financing package for a VA mortgage loan could save a borrower a lot of time.
After completing a mortgage loan application and a variety of disclosures, a borrower will need to obtain a certificate of eligibility from the U.S. Department of Veterans Affairs.
Additionally, a credit check and an income reviews will be required, as well.
Speaking with a licensed lending professional is a great way to inquire about applying for a VA mortgage loan. Contact Timothy. Loss at (843) 834-5152 for more details about the financing process to buy a home.