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VA Loans

VA Loans

VA loans were originated in 1944 by the United States Congress as part of the Servicemen’s Readjustment Act.  A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs.  The VA loan was designed to offer long term financing to American veterans and their surviving spouses. More than 35 million veterans and service personnel are eligible for VA financing.  Veterans should consider the advantages of a VA home loan.

  • 30-year or 15-year terms available
  • Adjustable rate mortgages allowed
  • 100% purchase financing available (no down payment)
  • Single family and 2-4 units acceptable
  • Primary residence only
  • Flexible or no credit score
  • 2 years post-bankruptcy
  • 3 years post-foreclosure
  • Common sense underwriting
  • Seller concessions up to 6%
  • Special consideration given to disabled veterans
  • Loans can be assumable
  • Maximum loan amounts are restricted by geographical area
  • No monthly mortgage insurance
  • Borrower must be an eligible veteran or a surviving spouse
  • Purchase or refinance