Learn About VA Loans
When it comes to buying a home, there are many options available to you. One option that is often overlooked is a VA loan. VA loans are specifically designed to help veterans and active-duty service members achieve the dream of home ownership. If you're considering using a VA loan to purchase a home, we have provided some of our most asked questions below.
What Is a VA-Backed Home Loan?
A VA-backed mortgage uses a Department of Veterans Affairs guaranty to support financing through a participating lender. The lender still reviews your ability to repay and the property.
Start With Eligibility and Entitlement
A Certificate of Eligibility helps confirm your VA home-loan benefit. Service requirements vary by service history and other circumstances. Your advisor can help you understand what information is needed to review eligibility and available entitlement.
No Down Payment Does Not Mean No Closing Costs
Eligible borrowers may be able to purchase without a down payment, subject to entitlement, the purchase price, appraised value and lender requirements. VA loans do not require monthly mortgage insurance. Closing costs, prepaid expenses and a VA funding fee may still apply; some borrowers qualify for a funding-fee exemption.
Used Your VA Benefit Before?
Prior use does not automatically prevent another VA loan. Depending on remaining entitlement and other requirements, a borrower may be able to use the benefit while an existing VA loan remains outstanding. Restoration and remaining-entitlement rules matter. Have your advisor review the details before making plans.
Review Your Options With TGBMC
Ask about VA financing, call (469) 351-1081, or start your secure application. An inquiry is not an approval or rate lock.
Official resources: VA entitlement and loan limits and VA funding fees and closing costs.
VA loans are an excellent option for veterans and active-duty service members who are looking to purchase a home. If you're interested in using a VA loan to purchase a home, contact The Good Buy Mortgage Company today to learn more about your options.
