VA Loan Details

There are millions of veterans and active duty service members in the U.S. today. However, less than 10 percent utilized their VA loan benefit to buy a home in the past five years.

For many of these individuals, this is because they don’t fully understand the advantages and details of VA loans. The following details are ones of which you might not be aware, but should be:

No Mortgage Insurance

VA loans are well known for the zero down payment option. But what you might not know is that in addition to putting zero down, you won’t be hit with the additional monthly payment of mortgage insurance. This can save you a substantial amount over the lifespan of your loan.

You Can Use Your VA Loan Benefit Again, Even if You Keep Your Home

Once you pay off your VA loan and sell your home, you’re eligible to reuse your benefit again. But did you know you don’t always have to sell your home? Eligible VA borrowers can receive a one-time restoration when they pay off their VA loan, while keeping their original home. You may have paid off your loan because you purchased your home long ago or because you refinanced into a non-VA loan.

As a Surviving Spouse You May Be Eligible

As an un-remarried husband or wife of an eligible VA loan recipient killed in the line of duty, you qualify for the same VA loan benefits.

Your Benefit Never Expires

Once you are eligible for a VA loan, it never expires. This is true even if you qualified for a VA loan 50 years ago. You still retain your benefit.

Not all Lenders are VA Certified

VA loans are not issued by the Department of Veterans Affairs (VA). They are backed by them. To ensure you, the VA, and your lender are all protected, the VA requires all VA loans to be issued by certified VA lenders.

Need to talk to a certified VA lender? Here at Fairway, we’re proud to help our service men and woman secure the dream of home ownership. Contact one of our loan officers today.