In honors of Veteran’s Day, thought it be a perfect time to discuss the VA mortgage loan. A VA loan is made to Active Duty Military, Reservists/National Guard, Honorably Discharged Veterans or their unremarried widows or widowers. VA loan are especially desirable due to the fact that they are one of the few outlets left that will allow for 0% Down and also have no mortgage insurance charged to the buyer. The first step for a veteran interest in this loan would be to acquire a Certificate of Eligibility from the Department of Veteran Affairs (See: http://www.benefits.va.gov/homeloans/eligibility.asp).
Some quick notes regarding the VA loan:
- No Down Payment Required
- Competitive Interest Rates and Comparable Closing Costs
- VA Funding Fee can be Financed into Loan
- No Pre-Payment Penalty
- No Mortgage Insurance
- VA assistance to borrowers in default due to financial difficulty
If you’re a veteran and would like more information on a VA mortgage loan, please contact me.
Patrick Bowers, Mortgage Banker3077 E. 98th Street, Suite 150 Indianapolis, IN 46280
Cell (317) 258-8334 pbowers@ameramortgage.com ______________________________