Most Americans want to buy or build a home. Maybe for some it is as simple as that and those buyers just pay cash to become an owner. Although, this is usually not the case. Luckily for Americans who are VA eligible have probably the best way to finance a home at their disposal. Most have an idea of what is a VA loan, but do you really know the answer to “What is a VA loan?” Not only that, do you realize the crazy amount of benefits offered by VA loans? Seriously if someone qualifies for a VA loan, there are not many reasons to use another loan type! This is especially true now that VA loan limits have gone away for borrowers with full entitlement beginning 1/1/2020. That’s right! 100% financing has become available for even more buyers. Sorry, conventional jumbo loans! Now, there’s a better option!
What is a VA Loan?
First of all, VA stands for Veterans Affairs. The Department of Veteran Affairs has many departments that look out for the welfare of the military, reservists, Veterans, dependents, and their families. One awesome benefit is the VA loan. So, what is a VA loan and what’s the purpose? VA loans have many purposes, but I believe a good way to put it is this way: VA loans provide families the ability to build, purchase, or refinance a residence with affordable payments and removing many barriers to home ownership such as down payment requirements. VA loans support eligible borrowers with many superior benefits. Why use a VA loan? Let’s list a few reasons:
Why Use a VA Loan?
To learn some of the wonderful benefits of a VA loan, click on the links below or type in VA loan terms in our website search box.
- No money down purchase with no loan limits (loan limits are in effect through 12/31/2019)
- VA construction to perm with 100% financing of builder price and land
- Have multiple VA loans at once
- Seller may pay all buyer closing costs
- Seller may pay a buyer’s debt, collection, lease buyout, or VA funding fee
- No monthly PMI on any VA loan
- Buy again after a foreclosure, short sale, or bankruptcy
- Finance condos, manufactured homes, town homes, multi unit homes, and more
- Great interest rates
- Flexible credit guidelines
Why Use OVM Financial for a VA Loan?
During 2018, OVM Financial closed over $365,000,000 in VA loans. Actually over 50% of OVM’s closed loans are VA loans and OVM has shown a long history of supporting military families. Learn more about what others think of OVM Financial.