Learn About VA Loans
Considering buying a home? Amidst the various options, don't overlook VA loans. Designed specifically for veterans and active-duty service members, they pave the way to homeownership dreams. If you're eyeing a VA loan for your home purchase, here are some key insights:
Understanding VA Loans:
A VA loan is a mortgage backed by the Department of Veterans Affairs (VA). This backing means that if you default, the VA steps in to cover part of the lender's losses. This guarantee translates to more lenient credit standards and zero down payment requirements, making VA loans enticing for qualifying home buyers.
Eligibility Criteria:
VA loans are accessible to a range of service members, including veterans, active-duty personnel, reservists, and National Guard members. To qualify, you must have completed at least 90 days of active duty during wartime or 181 days during peacetime. Additionally, spouses of service members who died in the line of duty or due to service-related disabilities may also qualify.
Benefits of VA Loans:
The primary benefit of VA loans lies in their zero down payment requirement, allowing you to purchase a home without upfront cash. Moreover, they boast more flexible credit standards than traditional loans, simplifying the qualification process. With competitive interest rates and no need for private mortgage insurance (PMI), VA loans offer significant monthly savings.
Reusing VA Loans:
Already used a VA loan? No worries. You're eligible to use it again. The VA imposes no limits on the number of times you can utilize this benefit, provided you meet certain criteria. However, you must have paid off your initial VA loan before applying for another. Financial stability is also key, as you need to cover the proposed loan amount.
VA Loans in Fresno, California:
If you're in Fresno and considering a VA loan, Erin Facha with IMS Lending is here to assist. As a trusted loan officer, Erin is dedicated to helping service men and women realize their homeownership aspirations. VA loans provide 100% financing, with no mortgage insurance and low rates, making them an ideal choice for those connected to local military bases like Castle Airforce Base, Travis Airforce Base, and Edwards Airforce Base.
Ready to explore your options?
VA loans are an excellent option for veterans and active-duty service members who are looking to purchase a home. If you’re interested in using a VA loan to purchase a home, contact Erin Facha - IMS Lending today to learn more about your options.
