VA LoansVA-guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs to eligible veterans for the purchase of a home. The guarantee means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.
Other benefits of a VA loan include:
* Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage.
A VA Certificate of Eligibility must be presented to the lender to qualify for the loan.
Primary Residential Mortgage, Inc. has Certified Military Homes Specialists who would be happy to discuss a VA and other loan options for your specific needs. For a consultation, contact PRMI today.
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