Eligible veterans and their surviving spouses are only eligible for U.S. Department of Veteran Affairs (VA) loans.One a lender has qualified you for VA loan you can use it for the following:
- New home construction
- Manufactured home purchase
- Purchase a lot
- Purchase a manufactured home or a lot
- Purchase project condos that are VA-approved
- Purchase no more than 4 units or a single-family home
- Purchase or remodel your property
- You can upgrade or add additional features new features such as solar power
- Zero down payment appraised value must be same or higher than the purchased price. This value is determined by the appraiser based on the market at the time of appraisal.
- Interest rates and terms are better, in majority of cases VA loans are better than banks and private loans.
- Conforming loan limit for Freddie Mac/Fannie Mae you may borrow above the limit if you are willing and qualify to put additional down payment. Zero down payment loans in majority of areas.
- (PMI) private mortgage insurance or (MIP) mortgage insurance premiums PMI protects the lenders in the event you end up defaulting on the loan.
- Less closing costs, this amount can be negotiated with the seller by you or your realtor .
- Zero penalty fee for paying off your loan early.
- First time VA home buyer can qualify for a VA home loan.
- You can use your VA benefits for refinancing and after selling your primary home.