If you are in the market to purchase a home and are wondering about VA loans, you’ve landed in the right place. A VA loan is available through a program with the United States Department of Veterans Affairs and is designed for service members, veterans and eligible surviving spouses. Read on to learn more about VA loans and the difference of getting a VA loan through Elevations Credit Union.
Benefits of a VA Loan
The VA sets the qualifying standards, dictates the terms of the loan and guarantees a portion of the loan. A VA loan doesn’t require mortgage insurance, however they do have a funding fee. This funding fee can be built into the loan, and may be waived if the Veteran is receiving disability benefits. VA loans also don’t require a down payment, which can be a significant benefit for borrowers.
In addition to the benefits above, there are other major advantages to choosing a VA loan. These include: competitive rates, no prepayment penalties and low closing costs. VA loans may also be assumable with lender approval, meaning a homebuyer can take over the seller’s mortgage loan with little to no change in terms.
Who Qualifies for a VA Loan?
Most active-duty military and veterans may qualify for VA loans. This is also a viable option for spouses of military members who lost their life in the line of duty or as a result of a service-related injury, or who has been deemed MIA or POW. You may also qualify after six years of service in the National Guard or Reserves. Note that VA loans are only available when purchasing primary residences.
How are Elevation Credit Union’s VA Loans Different?
At Elevations, our local underwriting team helps you get the best VA loan possible by working directly with the United States Department of Veterans Affairs. Our mortgage team acts in the best interest of our membership, which means we make sure your VA loan is the best fit for your unique situation. Depending on the circumstances and background of the homebuyer, we may be able to offer you a loan up to the home’s appraised value and also offer low to zero down loan options.
Loan and Property Types Available Through Elevations
At Elevations, we offer a variety of VA loan options to our members to ensure the loan is the best fit. These include fixed rate mortgage loans for new purchases or refinances. We also offer VA Streamline Refinance Transactions, also known as an Interest Rate Reduction Refinance Loan (IRRRL) and no appraisal is needed.
Elevations is equipped to assist with loans for all types of properties, including single family, condos, new construction and manufactured homes.
If you’re in the market for a new house, make sure you understand your loan options and work with a mortgage professional who has knowledge of all types of loan programs. Mortgage loans from Elevations are available throughout Colorado.
If you are considering your loan options and want an expert opinion, please contact our mortgage team. We are here to help. You may also try our mortgage affordability calculators or sign up for a complimentary seminar.