VA Loans

Are you are a veteran, member of the military or military spouse? You may qualify for a VA loan.  VA Loans offer flexible options as either fixed-rate or ARM mortgages.  You may qualify for fast approval and a hassle-free loan even with less than perfect credit.  Refinance up to 100% of your home or buy a new home with no down payment and never pay monthly insurance (PMI)!

VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty 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 guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

 

Other benefits of a VA loan include:
 

  • Closing costs are comparable and sometimes lower than other financing types

  • No monthly mortgage insurance requirement

  • Right to prepay your loan without penalties

  • The Mortgage can be taken over (or assumed) by the buyer when a home is sold to another eligible veteran

  • Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan
     

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. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.  If a borrower receives VA disability benefit, then in most cases the funding fee is waived altogether.
 

A VA loan can be used to buy a home, refinance an existing home loan, and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.

 

Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan.  If you don't have your copy, we can sometimes obtain a copy for you from the VA.  Just ask!

Begin your home loan process today! Our mortgage advisors are standing by. 
Request a free personalized rate quote.

Cullman Office
116 2nd Street SE
Cullman, AL 35055

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NMLS# 1220361

(256) 734-6012

© 2019 by Brandon Snider