VA Mortgage Loan
A VA mortgage loan is a type of home loan backed by the U.S. Department of Veterans Affairs (VA) that offers affordable financing options for eligible service members, veterans, and surviving spouses. With Globus Capital’s support, veterans and service members can achieve their dreams of owning a home.
VA Mortgage Loan| What is it?
A VA mortgage loan is a type of home loan that is backed by the U.S. Department of Veterans Affairs, making it easier for veterans, active-duty military members, and eligible surviving spouses to purchase or refinance a home. Unlike traditional mortgages, VA loans typically don’t require a down payment, making it a great option for those who may not have a large amount of savings.
The VA offers this benefit as a way to recognize and honor the service of those who have served their country. VA loans have flexible guidelines, making homeownership more attainable for active-duty military personnel, veterans, and surviving spouses who may not qualify for traditional loans or may not see as favorable loan terms with conventional mortgages.
VA Mortgage Highlights
VA home loans offer a variety of benefits, including no prepayment penalties, no private mortgage insurance, and the option for 100% financing with full VA entitlement. Fixed- and adjustable-rate mortgages are available, and VA financing fees can be rolled into the total loan amount. VA loans are also available for a variety of eligible property types, including townhomes and VA-approved condos.
Frequently Asked Questions
Is a down payment required for a VA mortgage loan?
A down payment is typically not required for a VA mortgage loan, but a down payment may be required if the borrower does not have full VA entitlement or when the loan amount exceeds the VA county limits.
Are there prepayment penalties for VA mortgage loans?
No, VA mortgage loans do not have prepayment penalties.
Is private mortgage insurance (PMI) required for VA mortgage loans?
No, VA mortgage loans do not require private mortgage insurance.
How do I know if I’m eligible for a VA mortgage loan?
Eligibility for a VA mortgage loan is determined by factors such as length of service, discharge status, and other criteria. You can check your eligibility by using our eligibility checker form or by contacting your Globus Capital Advisor.
What is the VA funding fee?
The VA funding fee is a one-time fee that is charged by the VA to help fund the VA loan program. The amount of the fee varies depending on factors such as the type of loan, the size of the down payment, and whether it’s your first or subsequent use of a VA loan. However, this fee can be rolled into the loan.
What types of properties can I purchase with an FHA loan?
FHA loans can be used to purchase a variety of properties, including single-family homes, multi-unit properties, and condominiums.
These are just a few common questions and answers about VA loans. If you have more specific questions, it’s always best to consult with your Globus Capital advisor who can guide you through the process.
*The appraised value of the property may influence the loan amount.
**Generally, cash from equity is tax-free. However, this information should not be considered as tax or financial planning advice. Consult a tax advisor for tax-related advice and a financial planner for guidance on improving your retirement plans. Emortgage capital is not associated with any government agencies. The materials presented here are not from HUD or FHA and have not been approved by HUD or a government agency. To be eligible for a reverse mortgage, borrowers must obtain a certificate by attending counseling sessions with a HUD-approved agency. The borrower must be at least 62 years old. Loan proceeds are not considered income and will not impact Social Security or Medicare benefits. However, your monthly reverse mortgage advances may affect your eligibility for certain other programs. Consult a local program office or an attorney to determine how, or if, monthly reverse mortgage payments could affect your specific situation. At the end of the reverse mortgage loan contract term, you may no longer own some or all of the equity in the property subject to the reverse mortgage, and you might need to sell or transfer the property to repay the reverse mortgage proceeds with interest from your assets. We will charge fees for origination, mortgage insurance, closing costs, or servicing for the reverse mortgage, which we will add to the loan balance. The reverse mortgage loan balance grows over time, and interest will be charged on the outstanding loan balance. You retain the title to the property subject to the reverse mortgage until you sell or transfer it, and you are responsible for paying property taxes, insurance, and maintenance. Failure to pay these amounts may cause the reverse mortgage loan to become due immediately. Interest on a reverse mortgage is not deductible on your income tax return until you repay all or part of the loan.
Craig Kaminski
NMLS #: 1417248
licensed by:
E Mortgage Capital, Inc. d/b/a E Mortgage Capital,
NMLS# 1416824
(www.nmlsconsumeracces.org)