WHAT IS A VA LOAN?
Here is something I have not written about before and I am very excited to bring you a series of articles explaining the different types of mortgage loans available to you in purchasing your home.
There are so many different loan products and these articles are designed to give you a much better explanation of each one. I write to keep you informed and to get you on the road to purchasing your new home.
I chose to begin with VA Loans which had their start when Congress passed the Servicemen’s Readjustment Act in 1944. This is an extremely successful program and well-worth understanding the parameters of being qualified.
A VA loan is a mortgage loan here in the United States that is guaranteed by the US Department of Veteran’s Affairs. Those who qualify to apply are American Veterans, military members currently serving in the US military, reservists and select surviving spouses who have not remarried.
The types of homes that can be purchased are single-family homes, condos, multi-unit properties, manufactured homes and new construction.
THE VA backs the loan but does not issue it. The loan is issued by qualified lenders and I am proud to say that VanDyk Mortgage is a qualified lender.
One extremely fantastic thing is that NO DOWN PAYMENT is required and other benefits may apply for example you may qualify for lower closing costs than a traditional loan.
The maximum VA loan varies by county and I can provide the amount you qualify for when we talk about your purchase.
Remember this is general information and every borrower situation is different. I am always happy to talk with you further. I can be reached at 813-361-6350, give me a call and let’s talk about how I can help you decide the best loan for your new home.