In remembrance of Military Family Month and Veterans Day, which are both celebrated in November, Stearns Lending would like to thank the nation’s military veterans and active service personnel for their service. We’re also proud to assist our military personnel by providing them with VA home loans.
Few other mortgages are as affordable and flexible as a VA home loan. Those who qualify for VA financing can look forward to lower costs across the board, and they may also qualify to buy a home with no money down.
The first recipients of VA home loans were, at that time, some of the most deserving. The majority were servicemen and women returning home from overseas during the last days of World War II. The VA home loan program was created by the Servicemen’s Readjustment Act of 1944 and offered similar benefits as today’s VA home loans.
Although the first VA home loans were only available to military veterans, the requirements were amended in 1992 to include active duty servicemen and women, surviving spouses who died while on active duty, and many reservists.
VA Home Loans Have Major Benefits Worth Saluting
Stearns Lending offers VA home financing that can provide funding for both new purchases and refinancing of your existing home.
Here’s why a VA home loan can be the most affordable way to buy a home:
When It Comes To Guidance And Assistance, We’ve Got Your Six.
- Qualified applicants may buy or refinance a home without a down payment, as long as they’re not using their VA benefits to buy another property. This is called full entitlement.
- Instead of monthly mortgage insurance, VA home loans have a one-time Guarantee Fee* (Funding Fee). This fee may be financed, so you should have minimal out-of-pocket closing expenses. Applicants with service-related disabilities may have their Funding Fee waived.
- The VA limits the closing costs charged to VA loan applicants. This is another way that a VA home loan can be more affordable than other types of loans. The money a borrower saves on closing costs can be used for furniture, moving costs, home improvements, etc.
- A home’s seller or builder may be allowed to contribute to a VA loan borrower’s closing costs and fees.
- VA home loans offer less stringent qualifying guidelines than other types of home financing.
- No pre-payment penalties are ever charged if a borrower pays off a VA home loan early.
- VA home loans are assumable, which means it can be transferred to a future home buyer if that buyer is also eligible for a VA home loan. This can be a huge advantage if your VA home loan closes at a lower rate, and you end up selling the home when interest rates are higher.
- Servicemen and women who have been on active duty for just 90 days or longer may qualify for a VA home loan.
Our experienced mortgage loan professionals are available online and within our network of branch offices located throughout the country. Learn more about your VA home loan benefits by contacting a trained Stearns Lending mortgage loan originator today.
Nov 07, 2019