VA loans are ONLY offered to those who have served in a branch of the military – and they are earned. There are many great features of this loan program. The most basic of these are:
- Zero down payment required
- No private mortgage insurance required (other borrowers with less than 20% down pay monthly to insure the lender against risk).
- Loan limits as high as $424K
Is there a downside to these loans? Here are a few:
- VA appraisers are a bit stricter than other appraisers.
- Sellers are obligated to pay some closing costs for the buyer – which may make an offer less attractive.
Many lenders offer VA loans. Contact me to learn more.