VA Home Loans
VA loans are a type of mortgage that is available to veterans, active-duty military members, and eligible surviving spouses. These loans are guaranteed by the Department of Veterans Affairs (VA), which means lenders are protected in case the borrower defaults on the loan. VA loans typically offer more favorable terms and interest rates than conventional loans and do not require a down payment.
In addition, VA loans do not require mortgage insurance, which can save borrowers money on their monthly payments. VA loans have flexible credit requirements, which can help borrowers with less-than-perfect credit still qualify for a mortgage. Overall, VA loans provide a valuable benefit to those who have served our country and can make it easier for them to achieve the dream of homeownership.
VA Loan Characteristics
1) VA loans are available to eligible veterans, active-duty military members, and eligible surviving spouses.
2) These loans are guaranteed by the Department of Veterans Affairs, which means lenders are protected in case the borrower defaults on the loan
3) VA loans do not require a down payment, which can make it easier for borrowers to purchase a home
4) VA loans typically offer more favorable terms and interest rates compared to conventional loans
5) VA loans do not require mortgage insurance, which can save borrowers money on their monthly payments
6) VA loans have flexible credit requirements, which can help borrowers with less-than-perfect credit still qualify for a mortgage
7) VA loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
8) VA loans allow for options for refinancing, including streamline refinancing and cash-out refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.
5) VA loans do not require mortgage insurance, which can save borrowers money on their monthly payments
6) VA loans have flexible credit requirements, which can help borrowers with less-than-perfect credit still qualify for a mortgage
7) VA loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
8) VA loans allow for options for refinancing, including streamline refinancing and cash-out refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.
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Notice To Texas Loan Applicants: Consumers wishing to file a complaint against a mortgage banker, or a licensed mortgage banker residential mortgage loan originator, should complete and send a complaint form to the Texas Department of Savings and Mortgage Lending, 2601 North Lamar, Suite 201, Austin, TX 78705. Complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov
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A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov