Virginia VA Loans
Affordable Financing for Active Duty Military and Veterans
Virginia VA loans are an exceptionally affordable financing option for eligible military members. If you are active duty, veteran or surviving spouse living in Virginia this loan is your key to home ownership.
Virginia VA loans offer many benefits over a typical mortgage. The VA guarantees your home loan, so the lender takes less risk. With lowered risk levels, the lenders are able to have more flexibility in their qualification requirements, and rates.
What are The Benefits of Virginia VA Loans?
- No Down Payment. Even without any down payment savings you can still have this affordable purchase option. This is really helpful first time home buyers and purchasers with very little cash on hand.
- No PMI. Unlike a traditional mortgage, Virginia VA loans don’t require private mortgage insurance (PMI). Not even when you finance 100% of the home purchase price.
- No Prepayment Penalties. Pay off your loan early you pay no penalties. This can save thousands if you want to prepay your balance.
- A VA Loan Can Be Assumed. If someone purchases your home they can take over your mortgage, if they qualify.
- Sellers Contribute Toward Closing Costs. When you purchase a home, the seller can pay part or all of the costs, without impacting VA Virginia loans.
- Interest Rate Reduction Refinance (IRRRL) Loans. As a VA borrower, you can get your interest rate reduced with a VA IRRRL without many costs and other obstacles like traditional refinancing. IRRRL loans don’t require an appraisal. This option reduces your interest rate (and therefore your monthly payment). An IRRRL does not give you the option to get cash out for your equity. Check the interest rates.
- Eligibility Requirements. The vital part of eligibility for VA Virginia loans is the COE, or certificate of eligibility from the VA. If you don’t have one, but think you are eligible, let us know and we will help you get one. Otherwise, you will need a reasonable credit score, and income sufficient to make the payments. You also need to live in the home you are purchasing or refinancing.
If you are looking for your first home in Roanoke or a retirement spot in Virginia Beach, Good To Go Mortgage can help secure VA Virginia loans.