Today I would like to share with everyone a little bit about the benefits of Veterans Affairs (VA) guaranteed mortgages. VA mortgages are available if you have served in the Armed Forces for a minimum of 90 active days. The way this program works is the VA guarantees to the lender that the veteran will pay the loan back. If the veteran does not pay it back, the VA will step in and pay the bank back the money that is owed. VA loans are highly beneficial to the veteran. The greatest benefit is that the buyer does not have to put any money down on the home. Thats right 100% financing! Even better, the veteran does not have to pay for mortgage insurance which all other programs require if putting little to no money down. Instead, veterans finance the one time funding fee at closing which covers the VAs costs in guaranteeing the loan. The interest rates for VA loans are also a great benefit. Notes written with a VA guaranty typically carry lower annual percentage rates (APR) with them due to the security the bank has. Sometimes veterans can put no money down and have a lower payment than someone who put 20% down! If you enjoyed this article dont forget to like it and share it with your friends. For more information on VA mortgages as well as other home financing options visit EagleHomeLoansTN or call Anthony Quail at 931-896-2903. NMLS ID: 1098999
Posted on: Wed, 21 May 2014 14:51:46 +0000
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