VA mortgages are loans made by banks and are guaranteed by the veterans administration. THese loans are available for eligible services members, veterans and their survivors.

VA loans offer little to no down payment requirements, no monthly mortgage insurance and provide up to 100% financing.

Buyers can choose fixed-rate or adjustable-rate with terms of 10, 15, 20, 25, or 30 years. Qualification is not dependent on a minimum credit score. VA borrowers must meet residual income requirements based on the location of the home. There are no income limits and no prepayment penalties.

VA loans may be used for primary residences that are 1-4 units, construction, or property rehab. VA loans may not be used for investment properties and there may be restrictions for non-vet co-borrowers. The vet may reuse their VA entitlement and may carry more than one VA loan at a time. VA loans are subject to a funding fee which can be incorporated into the loan and can be waived for certain eligible veterans.

In-place VA loans may be eligible for streamline refinances which require no appraisal and no income verification; cash out refinances which pay you the equity in your home; and they may be assumed by an approved buyer should you decide to sell your home.

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