A VA loan is a mortgage loan in the United States guaranteed by the Department of Veteran Affairs, better known as the VA. The reason VA Loans exist is to offer eligible Veterans and their surviving spouses with reliable options for long term financing.
Individuals eligible for a VA Loan include the following: Veterans, Active Duty Personnel, Surviving Spouses (provided they do not remarry), Reserve Members, and National Guard Members
VA Loans have many benefits, which include:
- No down payment required
- Negotiable and Competitive Interest rate
- Ability to finance the VA funding fee
- Right to prepay your mortgage without penalty
- An assumable mortgage
- Limits on your closing costs
In conclusion, we hope that you understand VA Loans a little better. Also, if you have any questions regarding VA Loans, or if you are interested, give us a call and we’ll Get’er done. The Texas VA Mortgage family will always be here to help you out.