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.
Are you ready to start your VA loan? We can help! Contact us today to learn more!