You’ve sacrificed for your country. Now it’s the country’s turn to reward that commitment — and one of those rewards just may be a Veteran’s Administration mortgage. A VA-backed mortgage offers highly competitive interest rates and other perks that regular loans don’t.
To qualify for a VA-backed loan, you must be a service member or veteran. Spouses of service members and veterans, as well as other beneficiaries, are also eligible under certain circumstances. You must have suitable credit, sufficient income, and a valid Certificate of Eligibility from the VA verifying your eligibility to the lender.In addition, the home must be for your personal occupancy.
The guarantee that VA offers to lenders allows them to provide you with more favorable terms, including:
- No down payment, provided the sales price doesn’t exceed the appraised value.
- No private mortgage insurance premium requirement.
- A limit on the amount you can be charged for closing costs.
- No penalty fee if you pay the loan off early.
- Possible assistance from the VA if you run into difficulty making payments.
Other pertinent facts:
- You don’t have to be a first-time homebuyer.
- You can reuse the benefit.
- VA-backed loans are assumable, provided the person assuming the loan qualifies.
Home buyers may apply at any approved VA lender, including Megastar Financial Corp.
For more information on this or other lending questions, call or email Sean Mahoney or Cameron Burl mahoney@megastarfinancial.com, cburl@magastarfinancial.com, 303-321-8800.
Megastar Financial Inc.
1080 Cherokee Street, Denver, CO 80204
LMB 100019880 NMLS 244415
Get more tips about financing your home at RE/MAX of Cherry Creek’s blog.
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