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VA home loans do not require a down payment, which helps ease the entry into homeownership for military families who may not have substantial savings.
The VA limits loan origination fees, seller concessions, and closing costs to help make home ownership even more affordable for eligible individuals and their families.
Although conventional loans with less than a 20% down payment require PMI, VA loans do not. This means more money goes towards the loan principal each month instead of paying for mortgage insurance.
Eligible borrowers must use their VA loan for a primary living space. This program cannot be used to finance a second home or investment property.
VA loans also offer opportunities for refinancing an existing mortgage with the Interest Rate Reduction Refinance Loan (IRRRL) or a cash-out refinance loan.
Borrowers with service-connected disabilities can make accessibility upgrades to their primary home with the VA’s Home Improvements and Structural Alterations (HISA) program.
If you’re a veteran, an active-duty service member, an eligible surviving spouse, or a member of the National Guard and Reserves, VA loan benefits may be available to you.
VA loans can only be used to buy or refinance a primary residence that you live in full time. If you want to buy a vacation home or investment property, another loan may be a better fit.
The VA offers options like the Home Improvements and Structural Alterations (HISA) program, which helps veterans with service-connected disabilities make their homes more accessible.
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Nyfty Lending LLC NMLS#2503010 (https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/2503010) | AZ License #1048498 | Equal Housing Lender | Copyright 2024 | All rights reserved | This is not an offer or commitment to lend; all loans require credit and property approval, program eligibility, and adherence to applicable terms, conditions, restrictions, including FICO and debt-to-income (DTI) criteria, which may change without notice; not all customers will qualify, and some products may not be available in all states; we work with mortgage brokers to originate loans and comply with Federal Fair Housing and Equal Credit Opportunity Acts.