Features Of A VA Mortgage

1. The Veterans Administration (VA), a federal agency, provides a federal guaranty and establishes program guidelines.

2. Eligible veterans with honorable discharges or eligible spouses of veterans who died while
in military service may obtain a VA loan.

3. A veteran who has previously obtained a VA loan may be eligible for another VA loan, even if the first loan is not paid off. Some down
payments may be required. If the previous VA loan has been or will be paid prior to closing on the new loan, full VA entitlements can
be restored.

4. Purchase or refinance transactions for owner-occupied properties are eligible
for financing.

5. Single-family detached homes, townhomes, approved condominiums and planned
unit developments, and multiple units of up to four living units are eligible for financing.

6. The discount point can now be paid by the seller or the buyer.
The veteran can pay points on refinancing this home or if he’s
the general contractor, for a newly constructed home.

7. A one-time VA funding fee, which can be financed in addition to the mortgage
amount, is required.

8. The home must meet VA standards for property conditions.

9. VA loans are assumable at the initial loan term.

10. There is no prepayment penalty for a VA mortgage

Important Considerations for Applicant

A. Low or zero down payment is required.
B. The interest rate and monthly payments are typically lower than for
a conventional fixed-rate loan.
C. Security of fixed-rate payments for the life of the loan is provided.

Additional Advantages of a VA fixed Rate Loan

1. 15-and 30 year fixed rate terms are available.
2. Temporary interest rate buy downs are available with the 30-year term mortgage.
3. Advance approval is available to provide the borrower with credit approval before the purchase of a home.
4. Many interest rate and discount point combinations are available.
5 The RE-lock feature (some mortgage companies have this ) is available to switch loan programs or to re-lock to new interest rate prior

John DeBrito

SOLD Real Estate Company
E-Mail [email protected]

sold footer