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VA Loans

About VA Home Loans

Veterans Affairs Home Loans (VA Home Loans) are reserved for veterans and active duty service members of the United States Armed Forces, along with National Guard members and reservists that meet applicable service requirements. Eligible surviving spouses may also qualify.

Well deserved, the VA Home Loan provides these brave individuals an outstanding home financing opportunity. Among other major benefits, the VA Home Loan Program offers no down payment and no mortgage insurance home financing.

 

VA HOME LOAN BENEFITS

NO DOWN PAYMENT

no down Payment
Perhaps the biggest advantage of VA Home Loans is the ability to avoid down payment. With the exception of USDA financing, the VA Home Loan is the only federally backed mortgage program that offers 0% down financing.

The absence of a down payment requirement can save tens of thousands of dollars and years of saving for a home, and no one is more deserving of this advantage than our veterans.

NO MONTHLY MORTGAGE INSURANCE

No Monthly Mortgage
Another advantage of the VA mortgage loan is the absence of monthly mortgage insurance. While the terminology and operation of mortgage insurance varies by program, FHA, USDA, and many conventional loans have it.

Avoiding mortgage insurance is a huge cost savings. For example, the initial mortgage insurance premium payment on a FHA loan would be roughly $135/month on a $200,000 home, after making a 3.5% down payment.

The Qualification Process Is

Just Call us at (844) 824-1735

LIMITED CLOSING COSTS

Limited Costing Cost
The Department of Veterans Affairs limits the amount of closing costs that lenders can charge on VA Home Loans.

As a not-for-profit financial institution, our fees are already extremely competitive, but obtaining a VA mortgage is a great way to maximize loan cost savings across the board.

SELLER CONCESSIONS

Seller Concessions
Purchasing a home cost money – it’s a reality, even for the low cost opportunity the VA Home Loan presents.

Fortunately, the VA mortgage allows sellers to pay toward homebuyers’ closing costs, up to 4% of the home price. Negotiating “seller concessions” is a common practice.

VETERAN SERVICE ELIGIBILITY

The Department of Veterans Affairs sets the eligibility requirements for VA Home Loans. While there are other underwriting eligibility criteria in place, such as income/employment, credit, and debt-toincome ratios, below are basic service requirements for VA mortgage eligibility.*

You may be eligible for the VA Home Loan if you meet one of the following service requirements:

Served 90 consecutive days during wartime

– OR –

Served 181 consecutive days during peacetime

– OR –

Served more than 6 years in the National Guard or Reserves

– OR –

You are the spouse of a service member who died in the line of duty
or as a result of a service-related disability

* https://www.benefits.va.gov/homeloans/purchaseco_eligibility.asp

Leaders Credit Union is an
Equal Housing Lender

Forward Lending Solutions
c/o Leaders Credit Union
P.O. Box 10008
Jackson, TN 38308

(844) 824-1735
info@forwardlcu.com

© 2019 Leaders Credit Union
ABA Routing 284383886