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What are VA Loans?

If you are a veteran you may qualify for a VA loan. The VA loans are administered by the Veterans Administration and are generally available to anybody who has served 180 active days service since September 1940. If you enlisted after September 7, 1980 you must have two years of service. You do need to get a certificate of eligibility from the Department of Veterans affairs as proof of service. These loans are designed to help qualified veterans of the US armed forces to buy home with little or no down payment.

Veterans are not allowed to pay points to the mortgage lender on these types of loans. You can prepay a VA loan without penalty and the loan is assumable. An assumable mortgage means a buyer can take over the mortgage if the property is sold. This can save a buyer a lot of money on interest payments. The buyer must still qualify with the current mortgage lender. The buyer assumes payment on the existing mortgage and pays the difference between the mortgage balance and the selling price. You should always check whether the mortgage you are securing is assumable.

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