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 and payment than is ordinarily available with other loans.
Other benefits of a VA loan include:
0% Down Payment
The Buyer can not pay some fees that are normally charged, so the Seller actually pays these fees for you.
The Seller can pay up to 4%(of sales price) of your closing costs
No monthly mortgage insurance. Giving you a lower monthly payment.
Right to prepay loan without penalties
The 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.
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.
Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan.
If you are buying a home in Harris County, Brazoria County, Fort Bend County, Montgomery County, Sugar Land, Katy, Houston, Pearland, Conroe, The Woodlands or any part of Texas call me today to find out why a VA loan maybe best for you.
If you are looking for a FHA, VA, USDA, Homepath, Conventional, Jumbo, Construction, FHA 203k mortgage in Fort Bend County, Sugar Land, Houston, Katy, Harris County, Brazoria County, Pearland, Bellaire, West University, The Woodlands, Kingwood, Friendswood, Galveston, Clear Lake, Fulshear, Tomball, Spring, Conroe, Montgomery County or anywhere in Texas I am your GUY!
