VA Loans

Va Loan

The VA Loan is a mortgage loan issued by approved lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). The program was created in 1944 by the United States government to help returning service members purchase homes without needing a down payment or excellent credit. This historic benefit program has guaranteed more than 22 million VA loans to help veterans, active duty military members and their families purchase homes or refinance their mortgages.

VA Loan Advantages

  1. 0% Down Payment – This is the best benefit of a VA Loan. Qualified borrowers can finance 100 percent of the home's value without putting down a dime.
  2. No Private Mortgage Insurance - Since VA Loans are government backed, banks do not require you to buy PMI because the federal government backs all VA Loans and assumes the risk on behalf of the borrower.
  3. Competitive Interest Rate - Because the VA backs each VA Loan with a guaranty, financial institutions carry less risk and can offer interest rates that are typically 0.5 to 1 percent lower than conventional interest rates.
  4. Easier to Qualify - Because the loan is backed by the government, banks assume less risk and have less stringent qualification standards for VA Loans, making them easier to obtain.

 Harvest Financial Associates, LLC consultants are dedicated to helping veterans understand the benefits associated with VA loans. Contact Us today to find out if a VA loan is right for you.