Again, we’re going to go through the written explanation and then mine. So, the independent agency of the federal government which oversees programs and services for veterans and the VA guarantees long-term, low and no down mortgages for eligible veterans. So, a VA home loan is a home loan that a veteran is eligible for. I do have customers that say sometimes, “Hey Keith, I am a veteran, so I’m eligible for a VA home loan. So, I just immediately qualify. ” The VA just insures the loan that the lender does. They set guidelines that the lender has to follow to originate a home loan for a consumer. You don’t go to the VA to get a home loan.
You talk to a mortgage lender and the mortgage lender then does follow the VA guidelines. You could call any lender Wells Fargo, Bank of America, Keith Collins with Finance of America and we can help you out with a VA home loan. VA home loans are for eligible veterans. We will handle accessing the certificate of eligibility. There’s no application fees, no credit reporting fees, there isn’t a cost associated with identifying if you can qualify for a VA home loan. They are fantastic, 100% financing program, extremely low-interest rates. No monthly mortgage insurance. There is a funding fee but it’s waived if you’re service related disabled.
More About VA Home Loans
I want to talk a little bit more about VA home loans and why I personally love them. So, VA home loans, it’s a fantastic loan program, but unfortunately in a real estate transaction, as a purchase, sometimes it’s a little negative, right? There’s a hierarchy on the totem pole. It’s cash, conventional, FHA, and VA. So when you’re writing your offer, sellers will often lead to the conclusion that I would rather accept an offer from someone else other than a veteran because they’re using a VA home loan and that is something that you’ll run into but that doesn’t mean you shouldn’t try to get a VA home loan or be scared of getting into contract because you’re using a VA home loan.
I believe it’s the skill of the realtor, the skill of the loan officer and the way that you write the offer which will help get this home loan accepted. But a VA home loan is an awesome program for a veteran. It’s 100% financing, there’s no monthly mortgage insurance, it’s extremely low-interest rates, it’s a 30 year fixed loan. I think it’s one of the best tangible benefits that a veteran does have in terms of getting a VA home loan. It’s insured by the federal government. Most any lender can originate a VA home loan. I do think that it’s one of the programs that qualify a little bit differently, so you want to make sure that the lender that you’re using does have a lot of experience with VA home loans. But again don’t be scared of them, they’re fantastic. Sometimes it’s just the right loan for the right person and a lot of times it just is for a veteran.