VA

VA loans were originated in 1944 by the United States Congress as part of the Servicemen’s Readjustment Act.  A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs.  The VA loan was designed to offer long term financing to American veterans and their surviving spouses.  More than 27 million veterans and service personnel are eligible for VA financing.  Before arranging for a new mortgage to finance a home purchase, veterans should consider some of the advantages of VA home loans:

• Terms available: 30-year, 15-year

• Adjustable rate mortgages allowed

• 100% financing (no down payment)

• Single family and 2-4 units allowed

• Primary residence only

• Flexible or no credits

• 2 years post bankruptcy

• 3 years post foreclosure

• Common sense underwriting

• Seller concessions up to 6%

• Loans can be assumable

• Maximum loan amounts are restricted by geographical area

• No monthly mortgage insurance

• Borrower must be an eligible veteran or a surviving spouse

• Purchase or refinance