If you’re a Veteran and want your own home but are cash poor the VA Loan is for you, says Adrian Citroni, an experienced Mortgage Broker in Catonsville.
The Why of the VA loan
The Veterans Administration (VA) has a mission to serve all veterans. One of the best programs of the VA is providing a loan guarantee benefit to vets to purchase, build repair retain or renovate a home for your personal residence.
The way it works is different than a Conventional or FHA loans. Instead of the VA issuing its own loans, the VA guarantees to repay about 25% of every loan it backs that goes south. This gives the VA approved lender protection when lending to vets. Default rates for vets are the lowest of all mortgages. The plausible reason is that vets are disciplined and committed to carry out their missions & obligations.
The VA guarantee often leads to very competitive interest rates for qualified veterans
Benefits of VA Loans
A VA loan is, by far, the best mortgage loan on the market. It was created to take care of our VETS. It requires ZERO Down Payment. And ALL closing costs can be paid by the Seller of the home. The fact of the matter is that VA Loans have the Lowest Default rates . Our VETS are disciplined, and they are bound by their commitments To not only defend us and the US Constitution BUT also their financial commitments.
VA loans offer a few other bells and whistles:
- Competitive interest rates that are routinely lower than conventional rates
- No prepayment penalties
- Higher allowable debt-to-income ratios than for many other loans
- Streamlined refinancing loans that require no additional underwriting
- Limited Closing Costs
- No Private Mortgage Insurance requirement
- The VA Home Loan is a lifetime benefit you can use this program as many time as you need.
The Veterans Administration has created a complete VA Home Loan Buyer's Guide. If you are the kind of person that enjoys reading, It is a long read but this guide will answer any possible question you may have about the VA Loan Guaranty Program and then some. For more information, click the link below.
VA Home Loan Guaranty Buyers Guide
ADRIAN CITRONI - MORTGAGE BROKER
Primary Service Area: Catonsville & Vicinity
Academy Heights, Arbutus - Halethorpe, Catonsville, College Hills, Elkridge, Ellicott City, Oella, Westchester
Licensed Loan Originator NMLS# 144522; MD - DC - PA - DE - VA - FL - CA
CALL OR TEXT: 410-916-0776