Seeking Homeownership as a Military Service Member or Veteran?

The VA Loan is a valuable resource designed to help you achieve your goal of owning a home as a valued
military service member or veteran.

The Department of Veterans Affairs extends a special advantage to military personnel, providing resources to facilitate home purchases with low or zero down payment options. VA Loans offer versatility, allowing you to choose between Fixed Rate and Adjustable-Rate mortgages tailored to your needs.

VA Loans: A Path to 100% Financing for Homebuyers

VA loans present a unique opportunity, allowing buyers to finance the entire purchase price of a home
without the need for a down payment. However, it’s crucial to understand that qualifying for the loan is
still a requirement. Lenders assess factors such as creditworthiness and mortgage payment ability.

Additionally, buyers should be prepared for potential closing costs, such as title recording or legal fees.
These costs can often be negotiated with the seller, and it’s advisable to consult with your realtor before
submitting a home offer.

Understanding the VA Loan Process for Homebuyers in the DMV

VA loans follow a familiar home purchase process, where buyers submit written offers with specific
conditions and undergo lender approval. However, the unique aspect of VA loans lies in the Department
of Veterans Affairs’ requirement for homes to meet certain habitability standards.

The VA conducts thorough inspections to ensure the home is in good working order and worth the
purchase price. While this step may occasionally lead to delays, issues discovered during inspection don’t
necessarily disqualify the use of VA loans. Instead, any necessary repairs must be addressed before
finalizing the purchase.

It’s worth noting that the VA now offers limited opportunities for VA loans tailored to homes in need of
renovation, providing an additional option for prospective buyers.

VA Loan Snapshot

  • Must be Active Military or Veteran
  • Low to NO down payment required.
  • Variety of Fixed Loan Terms: 30-,25-,20-,15- year options available
  • No monthly PMI (Private Mortgage Insurance) allowing lower monthly payment.
  • For Primary Residence Only
  • No pre-payment penalty, pay your mortgage off at any time.
  • Credit requirement: 580 Minimum
If you have inquiries or require assistance, don’t hesitate to reach out to our team of local mortgage
specialists, who are eager to address all your concerns.
 
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