>> VA Purchase Loan

VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. No down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

Other benefits of a VA loan include:

100% financing. Closing costs are comparable and sometimes lower - than other financing types. No private mortgage insurance requirement. Right to prepay loan without penalties The Mortgage can be taken over (or assumed) by the buyer when a home is sold.

Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.

A VA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.

In order to receive VA financing for a VA Home Loan, you need to have your Certificate of Eligibility. To receive your certificate from the VA, you must complete VA Form 26-1880. If you do not yet have your Certificate of Eligibility go here http://www.vba.va.gov/pubs/forms/VBA-26-1880-ARE.pdf

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