VA Loans

VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

Reasons to use your VA Home Loan benefits include:

• Buy a home with no money down.
• Lock in historically low rates.
• Easy Qualification.
• Closing costs comparable – and sometimes lower - than other financing types.
• No private mortgage insurance requirement.
• Right to prepay loan without penalties
• Mortgage can be taken over (or “assumed”) by the buyer when a home is sold.
• Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.

• Refinance to lower your monthly payments or Get cash for purchases and remodeling.

Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.

A VA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/ caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.

Since the GI Bill of Rights was signed into law by President Franklin D. Roosevelt, in 1944, it has helped make the dream of home ownership a reality for millions of veterans. This feature was designed to provide assistance for veterans and their families with a guaranteed home loan with no down payment. The GI Bill has contributed more than any other program in history to the welfare of veterans and their families, and to the growth of the nation's economy.

Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan.

Keep in mind, the VA does not make home loans. They insure the loans that we can assist you in getting. Let CLARKSVILLE MORTGAGE CONNECTION help you get a VA insured mortgage loan at the lowest possible rates.

At CLARKSVILLE MORTGAGE CONNECTION we believe that every military service member and veteran should be able to use their VA Benefits for a home loan. Contact us today and a knowledgeable VA loan specialist will be happy to guide any interested service members through the VA home loan process.

Do you need VA Form 26-1880/Certificate of Eligibility? or DD-214?

As a courtesy, we can help you obtain one though VA at no charge!