Today let’s talk about what a VA mortgage can do for you.
Administered by the US Veterans Administration, VA loans are available to Servicemembers, Veterans, and eligible surviving spouses to help them realize the American dream of owning their own home. While the VA guarantees a portion of the loan, the loans themselves are provided by private lenders.
There are benefits to the borrower when taking a VA mortgage, among them lower (or none at all) down payments, no mortgage insurance, and lower credit score requirements on the borrower. In recent years I have had various listing agents cringe when an offer is presented with VA financing in place, but I find this shortsighted. I find the agent doesn’t really know how to explain the financing to the seller and sometimes gives short shrift to the VA offer. That is a disservice to the Veteran or qualified borrower in my opinion, and also to the seller.
For any who know a vet or active duty, here are a few articles explaining the ins and outs of VA mortgages. And let them know that we love working with veterans. Sometimes when an agent hears “no down payment” they don’t want to work with that buyer. That is not our philosophy; we look to repay the service that the vet provided us