VA Loans 101: Benefits and Eligibility
The men and women who have served in America’s Armed Forces have sacrificed so much to protect our freedom, including time away from their families. At Supreme Lending, we’re honored to provide opportunities to help our military and Veteran customers achieve their dreams of homeownership through affordable home loan programs in Corpus Christi, TX.
The U.S. Department of Veterans Affairs helps those who have served in the military and their eligible surviving spouses obtain homeownership through VA loans. While VA loans are still provided through mortgage companies like Supreme, the government agency guarantees a portion of the loan, which allows lenders to offer more flexible and favorable terms.
Two of the biggest benefits of VA loans are that there are no down payment or private mortgage insurance (PMI) requirements. Other VA loan benefits include:
- Lower origination fees, appraisal fees, and closing costs.
- No prepayment penalties.
- Fixed- and adjustable-rate loan options available.
- Variety of eligible property types (single-family, townhomes, VA-approved condos, etc.).
- Available for qualified first-time and repeat homebuyers.
- Some states may offer additional options for extra affordability.
A requirement of VA loans is that the homeowner lives in the home as their primary residence. A valid Certificate of Eligibility (COE) must be presented at the time of application, which includes length of service or service commitment, duty status, and character of service.
There are VA loans for refinancing an existing VA loan, called Interest Rate Reduction Refinance Loans (IRRRL). These are great programs for active-duty personnel and Veterans hoping to reduce their interest rate and monthly payments.
For more information on VA loans in Corpus Christi or the surrounding areas, contact the Supreme Lending Pitarra Region.Sign up to get pre-qualified or contact us at (361) 452-1222.