Created during World War II to help Veterans and their family achieve the American Dream, VA loans can offer 100% financing for those who served our country. This is a government-backed mortgage program, under the oversight of the Department of Veterans Affairs (VA). There are wonderful benefits with this loan program, and Professional Mortgage Solutions is here to tell Rego Park, NY all about them. If you have questions about VA loans or are interested in a free quote, call our team to get started.
The Structure of a VA Loan
VA Loans are a type of nonconventional loan, and as stated, are government backed. They make it easier Veteran homebuyers and lessen the risk to any lender. For this reason, there are limits on the amount of money you can finance using a VA Loan.
The Perks of VA Loans
There are incredible benefits with the VA Loan program, so be sure to ask about the benefits below when you call to apply:
- With VA Loans, there is no down payment requirement.
- VA Loans cap the amount that the buyer has to pay on closing costs.
- There is no need to pay a monthly mortgage premium.
- There are low interest rates, as long as you qualify.
- There are no penalties for making early loan payoffs.
- It is a re-usable entitlement program.
- It can be easy to refinance this type of loan.
How to Qualify for a VA Loan
Obtaining a VA Loan requires you to get a Certificate of Eligibility (COE) from the VA. The process to qualify for the COE is on the VA website. It requires you to assemble some documents for you or your spouse. Here are some criteria for eligibility:
- You are a Veteran who served at least 90 days of active duty during wartime.
- You are a Veteran who served at least 181 days of active duty during peacetime.
- You are a current active-duty member with more than 90 days of continuous service.
- You were discharged due to a service-related injury.
- You are a reservist or member of the National Guard who served at least six years.
- You are a surviving spouse of a veteran who was killed during service or because of a service-related injury or who was declared MIA or POW.
Starting Your VA Loan Process Today
Professional Mortgage Solutions loves working with Veterans and service-members to take advantage of this well-deserved program. Call our Rego Park, NY offices to start the process of obtaining and VA Loan. We can help you explore a variety of home financing options if a VA Loan does not meet your needs, as well. We offer FHA Loans, Jumbo Loans, Reverse Mortgages, or Conventional Loans. We can also structure adjustable or fixed-rate mortgages with a variety of terms.