VA Loan
Welcome to Elite Mortgage, your trusted partner in the journey to homeownership. If you're a veteran or active-duty service member considering purchasing a home, understanding your mortgage options is crucial. Let us guide you through the benefits and features of VA loans, designed specifically for those who have served our country:
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What is a VA Loan? A VA loan is a mortgage loan program established by the U.S. Department of Veterans Affairs (VA) to help eligible veterans, active-duty service members, and surviving spouses achieve homeownership with favorable terms and benefits. VA loans are backed by the VA, which means lenders are protected against losses if the borrower defaults on the loan.
What You Should Know:
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Funding Fee: VA loans may require a one-time funding fee paid at closing, which helps offset the cost of the VA loan program for taxpayers. The funding fee amount depends on factors such as the borrower's military service, the down payment amount, and whether it's the borrower's first VA loan.
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Property Requirements: VA loans have specific property requirements, including the property's condition and eligibility for VA financing. Homes financed with VA loans must meet minimum property standards (MPS) to ensure they are safe, sound, and sanitary for occupancy.
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VA Loan Limits: While VA loans do not have a maximum loan amount, there are limits on the amount of liability the VA can assume, which can impact the loan amount a veteran or service member can qualify for without a down payment.
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At Elite Mortgage, we honor and support our nation's veterans and service members by offering expert guidance and personalized service throughout the VA loan process. Our dedicated team of mortgage professionals is committed to helping you maximize your VA loan benefits and achieve your homeownership goals. Contact us today to learn more about VA loans and how we can assist you in securing financing for your dream home.
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