Benefits Of VA Loans In GA

From Loan Officer Eddie Kirby

Veterans have use of VA loans granted by individual mortgage companies but guaranteed by the VA. The guarantee protects mortgage companies from loss up to a specific value should a homeowner forecloses on a property. Because of this guarantee, mortgage companies can offer veterans options not readily found in other programs. Below is an overview of the benefits of VA loans in GA.

The best features of VA loans are the options for no down payment and no mortgage insurance. Veterans can borrow up to the full purchase price, that is assuming the appraisal supports the figure and the particular lender does not have a specific requirement for down payment. VA loans also enable veterans to afford purchasing a property by eliminating the additional monthly expense of mortgage insurance, which is normally included in home loans with less than twenty percent down. Other notable advantages are…

• Comparable closing costs to other loans.
• VA mortgages are assumable.
• No pre-payment penalty.
• Ability to finance or lower the VA funding fee for the loan.

Obtaining VA Loans

To qualify for a VA mortgage, buyers must comply with two sets criteria. The first set pertains to their service – war served, nature of service, and length of time served. The second set includes the traditional credit report and financial considerations by lenders. Veterans may contact any bank offering VA financing and obtain a pre-approval.

With a pre-approval completed, veterans may then start visiting homes within their price range. Once a property is found, an offer can be made contingent on approval for VA financing. With an accepted offer, veterans will then submit a formal application and lock in a rate. Once the loan is approved, the next step is the closing. After closing, information is sent to the VA. Veterans are only allowed one active VA loan at a time.

This blog is merely an introduction to the benefits of VA loans in GA. For more information on this program, contact us at Guaranty Mortgage via phone at 770-614-7425 or email www.guarantymortgage.com.