VA loans are a fantastic lending program for military borrowers. They are very flexible and allow the borrower to purchase with $0 down. There are however, a few key differences between a standard load and VA loan.
- A VA loan is guaranteed by the Department of Veterans affairs (VA). Approved borrowers can use a VA loan to purchase a property as their primary residence or refinance an existing mortgage.
- VA loans allow the borrower to purchase with a $0 down payment.
- Homes must be approved by the VA. This requires an appraisal of the property. This appraisal is not a home inspection, but confirms the home meets fair market value and the minimum property requirements.
- Typically our underwriters will work out the final documents of your loan while the VA confirms the home appraisal.