A lot of work goes into building a home, and there are just as many moving parts when it comes to BUYING a home. At Mortgage Atlanta, we endeavor to make the home buying process as easy as possible by not only searching for the ideal loan to fit our clients’ needs, but also by educating our clients with regard to the loans available to them. When it comes to VA Loans and VA Mortgage Rates, we typically receive four major questions from homebuyers. To help you feel informed when you apply for a home loan through Mortgage Atlanta, we’re going to answer all four questions here…
Short for “Veterans Affairs,” a VA Loan is deemed as such because they are home loans that are funded by private lenders but guaranteed by the United Stated Department of Veterans Affairs. Introduced in 1944 during World War II, the earliest iteration of this loan program was part of the Servicemen's Readjustment Act – also known as the GI Bill.
Topping the list of benefits of a VA Loan is its signature no down payment option. While most traditional loans require the homebuyer to put down 20% of their loan to avoid having to pay private mortgage insurance (PMI), because a VA Loan is guaranteed, VA Loan holders are not required to pay PMI. Holders of a VA Loan also often enjoy favorable mortgage terms, limited closing costs when compared to most traditional mortgage loans and no prepayment penalties. Of course, one of the greatest benefits of a VA Loan for the long-term are attractive VA Home Loan Rates which will determine your monthly mortgage payment. For more information on current VA Mortgage rates, please contact us.
Whether a first-time or previous home buyer, VA Loans are available for qualified active-duty or military veteran candidates who:
Other requirements to qualify for a VA Loan include the fact that you must not have been dishonorably discharged at any point during your military career. You must also meet certain credit scores and income levels determined by the size and kind of loan.
VA Loans are similar to traditional loans in the flexibility of their use. They can be used to purchase a new or existing single-family home, to purchase a condo that meets with VA-approval, to build a new home, to refinance your current home or to make home improvements on your current home. VA Loans cannot be used to purchase investment property from which you plan to collect rent, and there are strict rules when it comes to purchasing land with a VA Loan.
At Mortgage Atlanta, we love VA Loans as they serve as one of the best ways for our nation to pay a debt of gratitude to our active-duty and veteran military members for their service to our nation. If you qualify for a VA Loan, we welcome the opportunity to meet you, shake your hand and say thank you in person while helping you achieve your dream of home ownership. As an added benefit of working with our team, we will donate up to $500 of our profits on each VA loan to a military-backed charity of your choice. If you have more questions than those outlined above, we invite you to reach out to us for answers. The experienced VA Loan experts at Mortgage Atlanta can be reached by calling 678.564.1522 or filling out our online contact form. We look forward to hearing from you soon!
Thank You for Your Service!