VA Home Loan

A VA home loan is a mortgage loan program specifically designed for active-duty military members, veterans, and eligible surviving spouses. VA loans are backed by the U.S. Department of Veterans Affairs and offer a variety of benefits to help make homeownership more affordable for those who have served our country.

Pros:

1:  No down payment required: Eligible borrowers can purchase a home with no money down.
2:  Lower interest rates: VA loans typically have lower interest rates than conventional loans.
3:  No mortgage insurance: VA loans don’t require private mortgage insurance (PMI), which can save borrowers hundreds of dollars each month.
4:  Flexible credit requirements: VA loans have more lenient credit requirements than other loan programs.
5:  Assumable loans: VA loans are assumable, which means that the borrower can transfer the loan to another eligible borrower in the future.

Cons:

1:  Funding fee: VA loans require a one-time funding fee, which can be expensive depending on the borrower’s situation.
2:  Limited eligibility: Only eligible military members, veterans, and surviving spouses can qualify for VA loans.
3:  Property requirements: VA loans have strict property requirements, such as the property must be the borrower’s primary residence.
4:  Appraisal process: The VA loan appraisal process can be more rigorous than other loan programs, which can lead to delays or issues with the loan.
5:  Funding limitations: VA loans may have funding limitations, which means that borrowers may not be able to purchase more expensive homes or properties in high-cost areas.

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Fairway Mortgage, LLC
NMLS #2767473

Office: (541) 654-8285
Cell: (541) 513-9000
Email: contact@fairwaymortgagellc.com
350 West 5th Avenue
Eugene, OR 97401

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