In honor of the brave men and women who have selflessly served our country, let’s take a look at VA loans and their benefits this Armed Forces Day.
VA loans are a well-deserved benefit to military personnel during and after their service. PrimeLending understands the importance of having a “home base” for military members and their families and is proud to be able to help active and retired military use our VA loan products. That’s why we’re sharing how to take advantage of your VA benefits to reach your homeownership goals.
Who Qualifies for a VA Loan
Want to finance your home purchase with a VA loan but aren’t sure if you qualify? We’re here to help you clear up any confusion on who qualifies. Active duty, discharged, reservist (after 6 years of service), and retired service persons from any of the following are eligible if you meet basic qualifying criteria for a VA home loan:
- Air Force
- Coast Guard
- National Guard
- Surviving Spouse
Benefits of a VA Loan
What makes a VA loan different than other loans? At PrimeLending, we aim to give back to those serving our country with special benefits that aren’t available with a typical loan. In addition to these great benefits, VA loans are also backed by the U.S. Department of Veterans Affairs.
Benefits for our heroes:
- No down payment
- Higher loan value
- No private mortgage insurance
- Limit on closing costs
- Option for seller to pay closing costs
- No lender fees*
- No penalty fee for early payoffs
- Possible VA assistance if you have difficulty with payments
- Purchase, Refinance or Renovate
VA Purchase, Refinance or Renovation
No matter where you are on your home buying journey, we have a VA loan to fit your needs. One of the most common uses for a VA loan is purchasing or building a new home. If you’re ready to finance your very own home base, taking advantage of the benefits from a VA loan is a great start to your homeownership journey.
Already have a VA home loan? Take advantage of low rates and save on your monthly payment with a refinance. If you’re interested in learning about having cash in hand after a refinance, chat with one of our loan experts about a cash-out refinance.
Lastly, if you’ve noticed some things about your home that need updating or want to create a refreshed space, a VA home loan can even help you renovate. Whether it’s your bathroom, kitchen or living room, creating your ideal home is easier with VA benefits.
Ready to see if you qualify and what loan options are available for you this Armed Forces Day? Our loan experts are committed to helping you find the right loan to fit your needs. Connect with a PrimeLending home loan expert to get started.
*All 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, and appraisal etc. Down payment waiver is based on VA eligibility. This offer is valid until 6/30/2022. 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 6/30/2022.