VA Loans

VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

Other benefits of a VA loan include:

• Negotiable interest rate.
• Closing costs comparable – and sometimes lower - than other financing types.
• No private mortgage insurance requirement.
• Right to prepay loan without penalties
• Mortgage can be taken over (or “assumed”) by the buyer when a home is sold.
• Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.

Please click here for more information.

Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount. This amount can be lowered if a down payment is applied. Want to know more, click here.

A VA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/ caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.

Veterans and Active Duty Members can apply for a VA loan with any mortgage lender that participates in the VA home loan program. Are you Eligible.

HOW DO I GET APPROVED

 More VA Information

Eligibility FAQ's

Pre Loan FAQ's

Construction/Valuation FAQs

Post-loan FAQs

Property Management and Miscellaneous FAQs

Can't Find your answer, try the VA Lenders Guide Book.

The VA loan can be very confusing and this is why Atwood Mortgage Recommends working with a Professional Mortgage Lender and Realtor.