What are VA Loans?
They are home loans that can be used for purchasing a primary residence among the many excellent offerings of Ladera Ranch Real Estate. They are only designed for individuals currently serving in the United States military or those having served in the past. The Dept. of Veterans Affairs (VA) is not the lender of the home loan funds on VA loans, but does back the VA loans that private lenders make to qualifying veterans. These private lenders include mortgage companies, savings and loan institutions and banks.
Eligibility for VA Loans to Purchase Ladera Ranch Real Estate
In order to get VA Loans, consumers must be one of the following:
- Active duty personnel
- Veterans
- Members of the National Guard
- Reservists
- Certain surviving spouses of military personnel who receive Veterans Benefits
Benefits of Ladera Ranch VA Loans
The benefits are numerous and here are some from the VA website regarding Veterans Benefits:
- There is an absence of premiums for mortgage insurance.
- Assumable mortgages are available.
- Borrowers can count on being informed regarding the value of the property.
- Prepayment option without penalty is available.
- In the event of a temporary financial shortfall causing a default, the VA may provide assistance.
- For any home that the VA inspects during construction, borrower can acquire a builder warranty, as well as VA assistance in garnering builder cooperation.
- Va loans involve comparable or lower closing costs as compared to other types of financing.
- There is no down payment requirement.
- Interest rate is negotiable.
- VA funding fee can be financed.
- Funding fees can be reduced with five percent or more down payment plus veterans’ exemption for VA compensation.
Getting Ladera Ranch VA Loans
The process of getting Ladera Ranch VA Loans is fairly straightforward for veterans and those currently serving in the military. A VA home lending program participating mortgage lender can accept veterans’ home loan applications. A VA Certificate of Eligibility is required for proof that the borrower is eligible to apply. In addition, a lender could also acquire this certificate for their client to purchase Ladera Ranch Real Estate.
For more information, contact Amy Sims Team today! We are ready and qualified to assist you with your VA purchase!