Many veterans will qualify for a Veterans Administration guaranteed mortgage. These loans are not made by the VA itself. They are made by private lenders and the VA guarantees all or part of the loan.
A VA loan can be used to buy a home used as a primary residence or to refinance an existing loan. There are a number of benefits to a VA loan:
• The benefit is reusable as long as an initial VA loan has been paid off.
• No minimum credit score (lenders must review the entire loan package before making a decision.)
• No down payment
• No mortgage insurance (There is a onetime VA funding fee which can be included in the loan - vets receiving VA disability compensation are exempt from the VA funding fee).
• Loan can be assumed by qualified persons.
• the VA has a help program for vets who become delinquent on their loan.
The VA determines eligibility as follows:
• Vets who meet length of service requirements.
• Active duty service men and women who have served the minimum required time.
• Certain reservists and national guard members.
• Certain surviving spouses of deceased vets.
To determine your eligibility, go to www.ebenefits.va.gov.
For more information on VA and other mortgage products, call, email or text me anytime. Dale Athanas, Northeast Financial Mortgage, NMSL# 1065087, 203-876-0466 (cell), dale@daleathanas.com.
