VA Purchasing

A VA loan is available with a fixed rate.
Are you a veteran or currently serving in the United States military? Are you a surviving veteran spouse?
Do you want to purchase or refinance a home loan without a down payment?

Oftentimes, many purchasers in the past have opted to go with a VA home loan because it’s a home loan option that many homebuyers find more than satisfactory due to the minimized closing costs and non-existent down payment required in order to qualify. Moreover, a VA home loan does have the added benefit of not being restricted to purchasing a new property or acquiring a new home altogether; instead, a VA home loan also has the applicability to be implemented towards refinancing a home and thus saving the homeowner money over time. As with most home loans (VA loans included) and mortgage options, there are a few caveats surrounding their viability towards purchasing a new home or exploring home refinancing opportunities; such as a minimum credit score (VA home loan requirements are 580 whereas most lenders that are subsidized by VA loans require a score of 640) and a debt-to-income ratio of less than 41%.


Why VA Loans Are Often Best For Homebuyers

For qualified homeowners in search of a home loan that forgoes the need of a down payment and features favorable closing costs, a VA home loan might be the preferred choice in comparison to a conventional home loan or an FHA home loan. Furthermore, through the benefits of a VA home loan, homebuyers can also reduce their monthly bills by avoiding the necessary mortgage insurance fees associated with an FHA home loan or many conventional home loans, respectively. While there are certain criteria that need to be met in order to qualify for a VA home loan (veteran status & eligibility to name a few), it’s worth taking note that the qualification criteria are generally less stringent with a VA home loan than other common home loans, such as a conventional home loan and/or FHA home loans. Another inherent benefit of VA home loans is the guarantee that their government support presents and how that backing serves as a bulwark to ensure more eligible homebuyers are able to purchase their homes.

Homebuying Benefits Of VA Home Loans

  • When qualifying for a VA home loan, there are less-severe restrictions on debt-to-income ratios.

  • Qualifying for a VA home loan is not contingent upon having private mortgage insurance (PMI).

  • No down payment required to obtain a VA home loan when purchasing a primary residential property.

  • Penalties are non-existent nor are there additional fees associated with prepayments made towards the balance on a VA home loan.

  • A VA home loan can be utilized towards refinancing a home’s active mortgage; thus lowering monthly costs and enabling cash redemption earned through equity.

  • Marked flexibility through a VA home loan is available to borrowers with a less-than-stellar loan history that resulted in bankruptcy and/or property foreclosure.

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