Decoding VA Loans

Millions of veterans and service members are eligible for a VA home loan. When searching for a mortgage, veterans should consider the major benefits and perks of using a VA home loan.




VA Loan Benefits

  • The greatest VA loan benefit is that Eligible homebuyers are not required to have a down payment in most cases - compared to conventional loans which generally require a least a 20 percent down payment.

  • No monthly mortgage insurance premiums or PMI to pay. FHA loans come with both an upfront and an annual mortgage insurance charge. Conventional buyers typically need to pay for private mortgage insurance unless they’re making a down payment of 20 percent or more.

  • Limitation on buyer's closing costs. Sellers can pay all of a buyer’s loan-related closing costs and up to 4 percent in concessions.

  • Lower average interest rates than other loan types. VA loans continue to have the lowest average interest rates of all loan types.

  • No prepayment penalties. VA buyers can pay off a loan early without any financial penalties.

  • Two refinance options. The VA loan program allows homeowners with existing VA loans the option to lower their monthly payment with a new interest rate. Eligible homeowners who financed their property with a loan other than a VA loan can refinance into the VA loan program.

  • Foreclosure avoidance advocacy. The VA loan program has staff members who advocate on behalf of homeowners to find alternatives to foreclosure.


Learn More

Equipping and Enabling People to Live Their Life’s Passions

State Licensing  |   Privacy & Security   |    Terms of Use   |   Accessiblity
  • Facebook - White Circle
  • Instagram - White Circle

www.efinityhomeloans.com  | phone 888.638.5030  |  fax 817.581.8898

Efinity Mortgage is an Equal Housing Lender © Copyright 2016 Efinity Home Loans. All rights reserved.

Texas Mortgage Banker Complaint Disclosure

Regulated by the Division of Real Estate (Colorado). Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. AZ

Efintiy Home Loans

 

1901 Central Drive Ste 612, Bedford, TX 76021 |  (817) 581-8878  |  info@efinityhomeloans.com

NMLS #1043983