Veteran Loan; VA Loan; VA Loan Benefits; VA Loan Eligibility

VA LOANS:

VA guaranteed loans are made to eligible veterans for the purchase of a home which must be for their own personal occupancy.

The guaranty means the lender is protected against loss if you or a later owner fail to repay the loan.

The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.

BENEFITS OF A VA LOAN:

No down payment (unless required by the lender or the purchase price is more than the reasonable value of the property)

Buyer informed of reasonable value

Negotiable interest rate

Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation)

Closing costs are comparable with other financing types (and may be lower)

No mortgage insurance premiums

Assumable Mortgage

No Prepayment Penalty

VA Eligibility Center Address and Telephone Number:

VA Loan Eligibility Center

Number: 1-888-244-6711

Post Office Box 20729, Winston-Salem, NC 27120

It is suggested that you contact your attorney and/or your CPA or financial planner should you wish to discuss any tax or legal implications relative to your financial goals, the tax consequences of how you will hold title to your property, the tax deductibility of closing costs, points, and/or mortgage interest, and/or the legal and tax implications as to your purchase and/or sale of property or the refinancing of your mortgage.