VA Home Loan Guaranteed
“VA Home Loan Guaranteed”
VA Guaranteed Home loan, let’s take a closer look
- The Veterans Administration is not a bank.
- The VA does not loan the money or funding of loan, or service a loan.
- VA stands behind the loan by guaranteeing a portion of it.
- If something goes wrong and the borrower can’t make their payments anymore, The Lending institution can go to the VA to cover any losses they might incur.
- The Guarantee replaces the protection the lender normally receives by requiring a down payment or mortgage insurance and allows veterans the ability to obtain favorable financing terms.
- Most VA home loans are handled entirely by private lenders and VA really gets involved in the loan process.
Note: as long as a lender follow the proper underwriting protocol, should the VA loan ever go into default, the lender is entitled to 25% of the loan amount.
“VA Home loan” features
The features of the VA home loan includes the following:
- A purchase loan must be for veterans on personal occupancy.
- The Max guarantee is up to 25% of the one unit Fannie Mae and Freddie Mac maximum conforming loan amount.
- There is no down payment required up to 100% financing plus the VA funding fee.
- There is the ability to finance the VA funding fee
- Only fixed or arm option loans – fully amortizable – no interest only options
- The VA home loan has a flexible credit standards.
- The VA loan has no mortgage insurance premiums.
- The VA loan is an assumable mortgage.
- VA loan has no prepayment penalties
If you have any questions please feel free to reach out to me and I will be happy to take your call. Skip Young Realtor is only a call away.
VA Home Loan Guaranteed
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Produced by: Skip Young
Skip Young | PCSing Realtor, your Fort Meade MD, Andrews Air Force Base, Patuxent Naval Base Real Estate agent can help you find your perfect home. Learn about Fort Meade MD, Andrews Air Force Base, Patuxent Naval Base neighborhoods, Fort Meade MD, Andrews Air Force Base, Patuxent Naval Base suburbs, and the best places to live in Fort Meade MD, Andrews Air Force Base, Patuxent Naval Base.
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