From historically low rates to feasible amortization periods of 15 or 30 years, VA loan Virginia is the most advantageous mortgage proposition for the military. VA Loans Center has assessed other alternative home purchase programs and culled the great discrepancies, mainly in rates.
Here are the tangible benefits of VA loan VA from a comparative angle!
|VA Loan Virginia||Conventional Loan|
|0% down payment||10-20% down payment|
|Fixed or adjustable rate for 15-30 years||Similar period but at high rates|
|Zero pre-penalty fee||Pre-penalty fees exist|
|Forbearance on late payment||Overdue payment penalties|
Note that on the last score of overdue payment, VA loan VA enables you to use the following two options that are rarely accessible in the commercial arrangements:
- Extension of the repayment period or offer of a better rate through refinance.
- Use of the guaranty privilege where the government pays up to 25 percent of any defaulted mortgage.
The following documents are necessary when getting started with VA Loan Virginia
- The Certificate of Eligibility (COE) which ascertains that you had a full tenure in the military and met these preconditions:
- Served for three continuous months in a war zone, or.
- Served for 181 days nonstop in peacetime.
- The Discharge report which should demonstrate that your tenure has been honorable.
Unlike traditional mortgages, this loan does not put a cap on income or property limits. As long as you manage to find property whose value does not surpass the $417000 guarantee maximum, you are good to go.
This may change in certain high-cost counties of this state where guaranty limits are higher. Check with us for a note on the reigning limits for your county. We will also:
- Assist in selecting a suitable condo, mobile home or detached town home using current home listings.
- Undertake successful appraisal and home inspection.
Applying for VA loan VA is Just a Click Away
Instead of paying a visit to a physical office in Norfolk, Arlington or your hometown, you can simply use our online application.
VA Loans Center will help you pass the early stages that are critical to the financing phase without the rigmarole that attends conventional mortgages.
We demand none of these fees when processing your VA loan Virginia:
- Admin fees.
- Documentation fees.
If you are a veteran, this is your opportune moment to move from the iron curtain of the traditional mortgage and access a home purchase offer with no money down, no Private Mortgage Insurance (PMI) and negligible funding fee.