The more you know about our home loan programs, the more you will realize how little “red tape” there really is in getting a VA loan. VA loans are often made without any down payment at all, and frequently offer lower interest rates than ordinarily available with other kinds of loans. Aside from the veteran’s certificate of eligibility and the VA-assigned appraisal, the application process is not much different than any other type of mortgage loan.
What is a VA guaranteed loan?
VA’s guaranty on the loan protects the lender against loss if the payments are not made, and is intended to encourage lenders to offer veterans loans with more favorable terms. The amount of guaranty on the loan depends on the loan amount and whether the veteran used some entitlement previously. With the current maximum guaranty, a veteran who hasn’t previously used the benefit may be able to obtain a VA loan. Qualified veterans and active duty military can obtain a loan of up to $417,000, or $625,500 in high-cost areas, with no money down. The amount depends on the borrower’s income level and the appraised value of the property. Let a knowledgeable, courteous VA loan specialist help you to maximize your VA benefits today!
Shane McGraw veteran and VA loan specialist at Legacy Group, is happy to talk with you and answer your questions about VA loans. Call him at ( 360 ) 698 6471.
Contributed by: www.ShaneMcGraw.com
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