Are you a veteran of our United States Armed Forces and in the market for a home? Are you worried you won’t qualify for a home loan because you don’t have a lot of money to put down? If you are a veteran or the surviving spouse of a veteran service member, you may qualify for a special mortgage loan program through the US Department of Veterans Affairs: a VA home loan. The best part is that when you apply for a VA loan through CityWorth Mortgage, you will not be required to put down any down payment towards your new home, saving you thousands of dollars.
What is a VA loan?
VA loans are guaranteed by the US Department of Veterans Affairs, which makes them a less risky investment for lenders. VA mortgage loans are a popular option for our veterans, and have been offered to veterans and their eligible family members since passage of the G.I. Bill of Rights in 1944.
What kind of home can I buy with a VA loan, and how much down payment is required?
With a VA loan, veterans can purchase almost any type of home they would like, including both existing homes and new construction. Additionally, veterans can use VA loans to refinance an existing mortgage, and you can use your veterans housing loan benefit multiple times. You don’t have to be a first-time homebuyer to take advantage of this program! Unless required by the lender, no down payment is required to qualify for a VA loan, and CityWorth Mortgage is proud to support our Virginia and Maryland veterans by requiring no down payment.
What are the main advantages of a VA loan over a conventional mortgage?
If you qualify for a VA loan, they are almost always more advantageous than a conventional mortgage, especially if you do not have the 3%-5% down payment that will be required by conventional mortgage lenders. In addition to requiring no down payment, veterans with VA loans are not required to purchase mortgage insurance or PMI, and the VA limits certain closing costs. If you, or a loved one, is a veteran of our armed forces (including active duty service members, reservists and National Guard members, or the surviving spouse of a deceased veteran) call us today at (877) 908-6250 or apply for a VA loan today!