VA Loans
A Smart Choice for Veterans and Service Members
Unlock the Benefits of VA Loans
At GenPoint Mortgage, we’re proud to offer VA loans, a fantastic benefit available to U.S. veterans, active-duty service members, and certain members of the National Guard and Reserves. VA loans are backed by the U.S. Department of Veterans Affairs, designed to help you achieve homeownership with more favorable terms than conventional mortgages.
Why Choose a VA Loan?
- No Down Payment: One of the standout features of VA loans is that they often require no down payment, making it easier to buy a home without having to save for a large upfront expense.
- Competitive Interest Rates: VA loans typically offer lower interest rates compared to conventional loans, which can result in significant savings over the life of your mortgage.
- No Private Mortgage Insurance (PMI): Unlike many conventional loans, VA loans do not require PMI, reducing your monthly payments and making homeownership more affordable.
- Flexible Credit Requirements: VA loans are known for their more flexible credit guidelines, which can help you qualify even if your credit history isn’t perfect.
- Limits on Closing Costs: The VA places limits on the closing costs that veterans can be charged, ensuring that you’re not burdened with excessive fees when buying your home.
Eligibility
VA loans are available to:
- Veterans who have served on active duty and meet certain service requirements
- Current active-duty service members
- Members of the National Guard and Reserves
- Certain surviving spouses of veterans
How We Can Help
Our experienced team at GenPoint Mortgage is here to guide you through the VA loan process from start to finish. We understand the unique benefits and requirements of VA loans and are committed to helping you make the most of them. Whether you’re a first-time homebuyer or looking to refinance your current mortgage, we’ll provide personalized service and support every step of the way.
Frequently Asked Questions
Answers to common questions about VA loans.
These loans simplify the home buying process for U.S. veterans and, in some cases, their spouses. VA Home Loans are offered by private lenders, such as banks and mortgage companies, and do not require a down payment. Backed by the Department of Veterans Affairs, these loans allow lenders to offer more favorable terms.
No Down Payment: Eligible VA Loan borrowers can purchase a home without making a down payment, which is a rare advantage as most home loan programs require at least a small down payment.
No Private Mortgage Insurance (PMI): Unlike conventional loans, VA loans do not require private mortgage insurance, which is typically needed when you make a down payment of less than 20 percent. This insurance protects the lender in case of default.
Lower Closing Costs: The VA sets limits on the closing costs lenders can charge VA loan applicants. Homebuyers can also request that sellers cover all loan-related closing costs and contribute up to 4 percent of the purchase price for expenses such as prepaid taxes, insurance, and judgments.
No Prepayment Penalties: VA loans do not impose prepayment penalties or early-exit fees, allowing you the flexibility to sell your home without restrictions.
Lower Interest Rates: VA loans generally offer some of the lowest average interest rates compared to other loan types.
Yes, you can refinance with a VA loan. There are two main types of VA loan refinance programs:
- Interest Rate Reduction / Streamline Refinance: This option allows you to replace your existing VA-backed home loan with a new one that has more favorable terms, helping to lower your monthly mortgage payments.
- Cash-Out Refinance: This program enables veterans with an existing VA or conventional loan to access their home equity for purposes such as home improvements or major purchases. The amount of cash you can borrow is based on the current appraised value of your property, with most VA lenders permitting a cash-out loan up to 90 percent of this value.