What is a VA Loan?
Simply put, A VA Home Loan is a mortgage loan issued by approved lenders and guaranteed by the U.S Department of Veterans Affairs. The VA Loan Program was created in 1944 to help people who served in the military purchase a home without a down payment or a good credit score. Since that time, this amazing benefit has helped over 22 million veterans, active duties members, and their families to either purchase a new home, or refinance a current mortgage.
Today, the VA Home Loan program is extremely important. With the housing market collapse back in 2008, lenders nationwide have tightened requirements for their mortgage programs. The VA Loan, on the other hand, has stayed steady and has helped many military homebuyers that might find it difficult to meet some of those tightened credit standards.
As most people know, or have experienced themselves, getting a mortgage is different for everyone. The VA Loan is no exception. There are so many different ways someone can be qualified and so many different outcomes. See our last post to see if you are eligible for a VA Loan. Or either call use, 360.571.LOAN (5626) or get started here, and we will call you right away to customize your VA Loan.
VA Loans VS. Traditional Mortgages
Members of the military who are ready to buy a home have access to one of the best mortgage programs ever created. See how the traditional mortgages stand up against the VA Loan:
What are the VA Loan Limits?
The loan limits for most locations around the U.S. is $424,100. This means that a veteran can borrow up to that amount without having to provide a down payment. This amount can change depending on where you live in the country. For example, in some high-cost counties, borrowers may be able to borrower much more than that amount. If you have any questions about this please give us a call, 360.571.LOAN (5626).