VA Loan
VA loans, which are made available to eligible veterans and their families by lenders like Vizion Mortgage, are guaranteed by the U.S. Department of Veteran Affairs. These loans typically feature more favorable terms and requirements, including lower closing costs. To qualify for a VA loan, eligible homebuyers must obtain a certificate of eligibility from the U.S. Department of Veteran Affairs.
Why a VA Loan?
No Down Payment
In numerous instances, a VA loan can fully finance your new home. This means that no down payment is required, and the closing costs are kept low, allowing you to move into your new home without having to make a significant upfront payment.
High Maximum Loan Amount
A VA loan provides the flexibility to purchase a home with a value exceeding $500,000 without difficulty. In certain states, the allowable price limit may be even higher. To determine the specific limit in your county, it is advisable to consult with your loan officer.
No Monthly Mortgage Insurance
One of the advantages of a VA loan is that it eliminates the need for monthly private mortgage insurance (PMI) commonly associated with traditional mortgages. Regardless of whether you make a substantial down payment or not, you are not required to pay PMI on a monthly basis with a VA loan.
Government Guarantee
One of the key features of a VA loan is the guarantee it receives from the federal government. This guarantee provides added security for lenders. Furthermore, if you encounter difficulties in making your monthly payments, you may be eligible for assistance from the VA. This support can provide valuable help during financial challenges.
Steps to a VA Loan:
01 Get Pre-Approved.
Our online application can help you receive your pre-approval letter quickly. Plus, you can upload all required documents straight into the app to save you time and energy.