What you need to know about VA Loans
Looking to buy a new house or refinance? As Fairway Independent Mortgage or Temple, TX if a VA loan is right for you?
A VA loan is a mortgage loan that is backed and guaranteed by the US department of Veterans Affairs. It was created and is still offered today to give veterans or surviving spouses long-term financing. A VA loan can only be given to a veteran for the purchase of a home that they will be occupying personally. If the loan is approved the VA guarantees a portion of the loan to the lender protecting them against any loss. However this is only covered up the amount guaranteed to the veteran. Guarantee equal opportunity for qualified veterans trying obtain a loan0 down payment. The only time a down payment may be required is if the purchase price is more than the reasonable value of the property.Interest rates are negotiable. You are able to finance the VA funding feeYou are able to prepay without a penaltyLower or equal closing costs with other loansAn assumable mortgageAny homes that are inspected by the VA in the process of building will need a warranty from the builder and will require assistance from VA to get cooperation of the builder.The VA will assist any veteran borrowers that find themselves defaulting on their loans
Features of a VA Loan: