VA Loans

Are VA Loans The Best Financing Option?

At Mortgage Solutions of Georgia, we pride ourselves in the efforts we make to help veterans with purchase and refinance VA loans in Georgia. We know it’s important to offer them the best in rates and service, it’s the least we can do in return for the service they have given our country. Our knowledge and understanding of the VA loan guidelines and restrictions can make your experience getting a VA loan funded pleasant and rewarding. We truly feel this program is one of the best for mortgages in the state of Georgia.

VA Loans Background Information

VA loans are available to veterans who meet certain requirements, currently active service members, some reservists, and spouses of military service members who have died as a result of service. They do not require a down payment for a purchase loan and allow the seller of the property to pay for all of the closing costs, making them a great low cost option to purchase a home. These loans also carry a guarantee against lender’s loss which allows lender’s to offer favorable financing terms without requiring VA qualified borrowers to have perfect credit.

Refinancing is also enhanced by using a VA loan. A veteran may be able to refinance up to 100% of the value of their current home based on median home values. If they already have a VA loan on their current residence, they can refinance using the IRRRL (interest rate reduction refinance loan) option which will reduce required documentation and possibly allow the loan to fund without an appraisal. These are options only VA loans carry.

Benefits to utilizing a VA loan when purchasing a home

  • 100 % financing-no down payment required
  • Seller can pay up to 6% in closing costs
  • Properties under go VA appraisal inspection-ensures properties are safe environments for buyers
  • VA loans carry default guarantee-allows lenders to offer favorable terms without requiring the ideal credit reference
  • No prepayment penalties

Benefits to utilizing a VA loan when refinancing

If already financed in a VA loan

  • Reduced documentation requirements
  • Can finance up to 100% LTV
  • All closing costs can be covered by the loan
  • May be able to avoid cost of new appraisal
  • Even offers cash out options with no MI required
  • Reduced up front funding fee

If not already financed in a VA loan

  • Can finance up to 100% LTV
  • All closing costs can be covered by the loan
  • Even offers cash out options with no MI required

Overall, committing to a VA loan is one of the best financial decisions you can make for you and your family. You can see for yourself by comparing the advantages of these loans to other loans, that the VA loan is in fact one of the best ways to finance a home. Call us today to discuss your next VA loan and let our expertise about these loans be your guide into one of the best financing options for your home.