What are the benefits of VA Loans?

Developed and guaranteed by the United States Department of Veteran Affairs, approved lenders, like myself, can issue home loans to veterans without the stipulations of a traditional loan.     During the loan approval process, the Department of Veterans Affairs vouches for veterans and active duty service members – and even surviving spouses – by helping lock in a lower-than-typical interest rate. Additionally, eligible borrowers can have the benefits of a 100% financing, which means there may be no down payment necessary.     To begin the VA loan application process, service members can apply for a Certificate of Eligibility (COE) through eBenefits or their lender.    

 VA loan holders are allowed to omit mortgage insurance premiums from their monthly payments.     Finally, the loans are limited to purchasing a primary home. However, VA programs are available to refinance an existing loan or cash-out equity.