If you are a member of the military on active or reserve duty or a veteran, there’s a special type of financing designed for you. The VA home loan program is an incredible benefit designed to help members of the military —past and present — purchase homes of their own with favorable rates and terms. In fact, the program has helped more than 20 million military families and veterans.
The VA home loan program is one of only a few mortgage programs that lets you finance 100 percent of the home’s value with $0 down*. It also doesn’t require private mortgage insurance, for a potential savings of $100-$200 or more per month.
With a VA home loan, eligible borrowers can choose from various term options — 15, 20, 25, 30 years — and fixed or adjustable rates. A fixed rate is one that does not change for the life of the loan; an adjustable rate can change, but may allow you a lower payment in the early months or years.
VA home loans also often have lower interest rates than the rates of conventional loans, and the minimum credit score requirements for VA home loans are lower than many other types of programs. Our minimum required credit score is 600, for instance. There’s more! There also are strict limits on the closing costs borrowers are required to pay and a simplified approval process. And you don’t have to fear paying a prepayment penalty if you pay off your loan early.
All of these features make it hard to beat this type of home loan. If you are searching for a mortgage company that gives you access to VA loans, Primary Residential Mortgage has you covered. Unlike other VA home loan companies, our national presence along with our intimate local market knowledge allows us to offer individualized solutions that fit your unique needs.
*Closing Costs and fees may still apply.