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A VA loan are guaranteed by the Department of Veterans Affairs (VA). These loans were established to provide transition assistance and other benefits to men and women who served or are serving in the Armed Forces of the Nation. This includes the Army, Navy, Air Force, Marines, Reservists, National Guardsmen, and certain surviving spouses. Also, if you are a disabled veteran, you may qualify for additional benefits on a VA loans.
In addition to these benefits, the VA Home Loan program offers default assistance to veteran borrowers in financial difficulty through a higher level of service and a greater range of alternatives to avoid foreclosure. Delinquency and foreclosure rates for VA loans are substantially less than for FHA loans.
he Veterans Administration assessed a Funding Fee to all VA loans between .5% and 3.3% of the loan amount. The fee is added into the amount of the loan to be paid over the life of your VA home mortgage loan. The VA Funding Fee replaces the much higher priced Mortgage. Insurance required when you get a conventional home loan. If you are a Disabled Veteran, you may qualify to get the fee waived completely.
The VA offers excellent qualifying standards. The VA does not use credit scoring in its analysis of the loan. Even if you have experienced some financial difficulties in your life that caused your scores to be low but have maintained a good payment record over the past year or so, you may qualify for a VA mortgage loan. This can be a tremendous saving compared to the cost of conventional loans when the borrower’s credit scores are low.
A VA loan has built-in features allowing a loan to be refinanced to a lower interest rate without all of the criteria normally associated with a conventional loan. This is called an Interest Rate Reduction Loan; the veteran can secure a lower interest rate without any credit checks, appraisal, and income or asset verification and can roll the costs of the transaction into the loan so there are no out of pocket costs.
Pioneer Mortgage Funding, Inc. vision is to be your #1 mortgage broker nationwide. Pioneer agents are committed to walking you through the home buying process!
Don’t miss out on the opportunity to see what you qualify for, apply now!
Pioneer’s vision is to be your #1 mortgage broker to ensure you the lowest interest rate with the highest qualify of service. Pioneer’s agents are committed to educating and communicating with every single client with two goals in mind: To show every client we care and to earn their trust.
