There are numerous benefits that come along with choosing a VA loan:
Little or no down payment
Low fixed interest rates
No prepayment penalties
A maximum of up to $240,000
No mortgage insurance premiums
Limited closing costs
If you were active duty during World War II, the Korean War, the Vietnam war or were activated for the National Guard or the Reserves during the Persion Gulf Conflict and served at least 90 days, you should be eligible to receive a VA home loan. Veterans who served over 180 days during peacetime before 1980 or two years peacetime duty after 1980 may also be eligible. Military persons who were dishonorably discharged are not eligible.
A VA loan is funded by conventional lender but insured by the Veterans Administration, allowing lenders to be more generous with their qualifying standards, interest rates and down payments.
VA Loans are funded by a conventional lender and insured by the Veterans Administration to allow for smaller down payments and lower interest rates. All that is necessary is a certificate of eligibility from federal government to qualify…
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