Veterans Administration (VA)
Mortgage Loans
The VA Home Loan
Program is designed to help veterans including certain
members of Selected Reserve, active-duty service
personnel, and certain categories of spouses finance a
home purchase. The program can also help refinance an
existing VA or conventional mortgage with favorable loan
terms. VA mortgages are at a competitive interest rate
compared to other types of mortgage loans.
The major advantages of
obtaining a VA mortgage are:
- A. No down
payment is required in most cases.
- B. The
maximum loan amount may be up to 100 percent of the
VA-established, reasonable value of the property.
- C.
Flexibility of negotiating interest rates with the
lender.
- D. There are
no monthly mortgage insurance premiums added to VA
mortgage loans.
- E. Due to
lender program restrictions, buyers have lower
closing costs.
- F. VA
mortgages are assumable; subject to VA approval of
the assumer’s credit.
- G. No
prepayment penalty.
Various VA loan programs
are available. Some have lower initial payments that
will gradually increase.
The VA also offers
financial counseling to veterans during temporary
financial difficulties so as to not lose their homes due
to foreclosure.
If you are a veteran,
please call us at (808) 942-1101 for more information
and a no-obligation consultation to see if you meet the
VA qualifications.
