Should You Take Advantage of VA Loan Benefits?
- A Veteran
- Active-duty personnel
- Reservist/National Guard member
- An eligible surviving spouse
What makes a VA home loan particularly appealing for many eligible veterans (and their families, when applicable) is that a down payment is not required and they can finance more than 80% of a home’s value or purchase price because mortgage insurance is not required.
There are some drawbacks too, though, and we’ll guide you through all the questions you’ll want to ask before applying for a VA mortgage. If you’ve already done your homework and know that a VA home loan is right for you, check out our VA Fast Track to get started on your home purchase, renovation or refinance, or get VA mortgage quotes from competing VA home loan lenders.Get Multiple VA home loan offers to see if it is right for you.
- Federal Collection Policy Notice
- Informs you that the federal government can make your life difficult if you default on your VA loan... <a href='/glossary/what-is-federal-collection-policy-notice' title='See the full definition of Federal Collection Policy Notice'>read more</a>
- Veteran’s Administration Loan
- A Veteran’s Administration loan is made by an approved lender and guaranteed by the Department of Veterans Affairs <a href='/glossary/what-is-veteran's-administration-loan' title='See the full definition of Veteran’s Administration Loan'>read more</a>
- VA Loan
- A VA loan is made by an approved lender and guaranteed by the Department of Veterans Affairs. <a href='/glossary/what-is-va-loan' title='See the full definition of VA Loan'>read more</a>
- VA Amendatory Clause
- This is added to your purchase agreement, must be signed by you and your seller.... <a href='/glossary/what-is-va-amendatory-clause' title='See the full definition of VA Amendatory Clause'>read more</a>
- Funding Fee Clause
- Lets you know, if you assume a VA mortgage, that a .50 point funding fee is due or will be added to the loan amount... <a href='/glossary/what-is-funding-fee-clause' title='See the full definition of Funding Fee Clause'>read more</a>
- Assumption Indemnity Clause
- Buyers who take over a VA mortgage must agree to assume all of the obligations of the veteran under the terms of the instruments creating and securing... <a href='/glossary/what-is-assumption-indemnity-clause' title='See the full definition of Assumption Indemnity Clause'>read more</a>
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