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Buying a Home
WHAT VETERANS NEED TO KNOW ABOUT VA HOME LOANS

The brave service members of our armed forces selflessly serve our country every day. They deserve a mortgage process that reflects that commitment.

PrimeLending, a PlainsCapital Company® is proud to offer VA Home Loans to military members and their families. With benefits created specifically for VA loan products, we emphasize the importance of helping veterans secure funding for their homes.

WHAT IS A VA HOME LOAN

A VA home loan is a mortgage backed by the U.S. Department of Veterans Affairs (VA). The VA guarantees part of your home loan so that you can get better mortgage terms with your lender, depending on your VA loan product. Options for VA home loans include:

  • VA fixed-rate mortgage
  • VA adjustable-rate mortgage
  • VA jumbo home loan
  • VA renovation loan
  • Cash-out refinancing loans
  • Interest rate reduction refinance loan (IRRRL)

WHO CAN GET A VA LOAN

The first step to understanding if you are eligible for a VA loan is to get a Certificate of Eligibility (COE). A COE verifies to a lender that you actually qualify for a VA home loan. Those who meet VA home loan qualifying criteria may be eligible, including active duty, discharged, reservist, and retired service members from the following branches:

  • Air Force
  • Army
  • Coast Guard
  • Marines
  • National Guard
  • Navy

VA home loan benefits are also extended to the surviving spouses of military personnel if they meet specified guidelines. A surviving spouse may qualify if the serviceperson was missing in action, a prisoner of war, or died in the line of duty or from a service-related disability.

VA HOME LOAN BENEFITS

At PrimeLending, we want to make the mortgage process as easy as possible for those who have served our country. To achieve this, we offer no lender fees1, a savings that is only available on our VA loan products. If you qualify for a VA home loan, you will receive benefits including:

  • No lender fees
  • No down payment
  • Higher loan value
  • No private mortgage insurance (PMI)
  • Limits on closing costs
  • Option for seller to pay closing costs
  • No penalty fee for early payoffs
  • Possible VA assistance if you have difficulty with payments
  • Purchase, refinance, or renovate

Ready to find out if you qualify and what VA loan options are available for you? Connect with a VA home loan expert today.

 

1All lender closing costs such as origination, processing, underwriting, and closing will be waived, borrower is still responsible for third party fees such as VA funding fee, title, appraisal, etc. Down payment waiver is based on VA eligibility. This offer is valid until 12/31/2022. Savings only applies to direct originations made by PrimeLending for first mortgage purchase or refinance transactions and is not available on loans obtained through mortgage brokers. Only one offer per loan transaction is available, and savings cannot be combined with any other offer. Savings will reflect on Closing Disclosure at closing. Borrower must lock their loan before 12/31/2022

 

Written By Becky Bruning