VA Loans in Virginia
VA home loans began back in 1944. The federal government of the United States originally created this loan program for WWII service members. VA loans in Virginia now help active duty members, veterans, and their families to purchase their homes or refinance current mortgages. You do not need a down payment, and less than excellent credit is quite acceptable. This long term benefit program has already guaranteed over 22 million loans across the country.
VA Loans in Virginia
VA loans in Virginia are issued through private lenders. What makes them special is that they are guaranteed by the VA (The US Department of Veterans Affairs). There is a $0 down payment option available for currently serving members, veterans, and some selected military spouses.
Recently, nationwide, lenders have tightened lending restrictions. This has made a VA loans in Virginia even more critical for home purchasers in the military.
As a military home buyer, you have access to one of the most powerful and unique mortgage loan programs that was ever created. Here are some of the features of VA Loans in Virginia:
0% Down Payment (for all qualified borrowers)
A VA Loan is one of the last 100% financing loan options available today.
No PMI (private mortgage insurance)
The US federal government guarantees the VA Loans in Virginia. That means that the lenders do not require the purchase of additional PMI (Private Mortgage Insurance). This could save you hundreds of dollars a month.
Competitive Interest Rates
This VA guarantee gives the lenders more flexibility in their rates because of the lower risk. This usually means more competitive rates than you would get on a traditional mortgage loan in the same situation.
Check the current interest rates for VA Loans in Virginia now.
Much Easier to Qualify
This lower risk also means the lenders can be more flexible with their qualification requirements. Lower credit scores, savings, down payments and employment requirements all add up to easier qualifications.
Like any home loan, VA loans in Virginia do require that you go through a pre-qualification process. This does not affect your credit score. This will give you a good idea for what amount you qualify for, which helps when you are looking for a house. You can also see if remortgaging your current property could net you some cash in your pocket.