VA Loans (Veteran Administration Loans) are ideal for many first-time home buyers who have little no money saved for a down payment, and less than an ideal credit score, assuming they meet other qualifications.

VA Loans:

• Require no down payment. You can finance 100% of the purchase price of the home.
• Require no mortgage insurance which saves the homeowner money every month.
• Have no prepayment penalty when you sell your home or refinance it.
• Can be a fixed rate or adjustable-rate loan depending on the borrower’s desire.
• Require minimal closing costs.
• Are fully assumable by anyone who is VA qualified.
• Generally, have lower interest rates than FHA or conventional loans.

VA loans are available to:

• Active-duty service members
• Members of the National Guard
• Reservists
• Surviving spouses of veterans
• Cadets at the U.S. Military, Air Force or Coast Guard Academy
• Midshipmen at the U.S. Naval Academy
• Officers at the National Oceanic Atmospheric Administration.

VA home loans are available to active-duty service members, veterans (unless dishonorably discharged), and in some cases, surviving family members.

To be eligible, you need to meet one of these service requirements:

• You’ve served 181 days of active duty during peacetime
• You’ve served 90 days of active duty during wartime
• You’ve served six years in the Reserves or National Guard
• Your spouse was killed in the line of duty and you have not remarried

Your eligibility for the VA home loan program never expires.

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