You would be amazed at the number of people who are eligible to use the VA loan program and don’t know it! In my opinion the VA loan is the best loan going right now.
The VA loan program can make it much easier for veterans to secure a home loan by requiring little or no down payment. This home loan is available to veterans and is guaranteed by the Veterans Benefits Administration, a part of the US Department of Veterans Affairs. In addition, with a VA-guaranteed loan, there is no private mortgage insurance requirement.
You are eligible for a VA loan if you have previously served in the military or are currently on active duty or in the reserves. You can check to see if you meet the requirements at http://www.benefits.va.gov/homeloans/eligibility.asp . VA loans offer 0% down payment options for loan amounts up to $625,500 in the Washington DC Metro area. For loan amounts greater than that there will be a down payment required.
The VA loan offers flexible qualifying terms. There is a VA Funding Fee that is applied to the loan and the amount of the funding fee is determined by the amount of down payment. The funding fee can be financed into the loan amount or it can be paid in cash as part of the closing costs at the time of settlement. In certain cases the VA funding fee can be waived if the veteran receives a VA disability award.
If you are unsure as to whether or not you are eligible for the VA loan please email me at lwish@mcleanmortgage.com or visit me online at http://www.lesliewishmortgage.com/ and I would be happy to assist you in determining whether you qualify for the VA loan.
Happy House Hunting!
