Purchasing a home can be difficult no matter who you are, but VA loans create a system to assist veterans in overcoming these challenges. This mortgage program is available to active and retired military, reservists, and surviving spouses.
These loans are backed by the government, meaning they’re taking on some of the risk, allowing financial institutions like Honor Bank to offer more lenient terms on these loans.
Benefits of VA Loans:
- Up to 100% financing, meaning you don’t need to have any down payment.
- 30-, 20-, and 15-year fixed rate terms available, just like most conventional mortgages.
- 30-year 5/1 adjustable rate mortgages available if you prefer this system of interest rates.
- Many types of homes qualify for VA loans, including single family attached/detached, VA approved condos, PUDs and 2-4 unit multifamily housing.
- Loans on leaseholds may be allowed with proof of prior VA approval.
- Increased maximum seller concessions (up to 4% of appraised value, excluding closing costs), allowing the potential to save you money.
- No income limits.
Interested in making use of this benefit for veterans? Get in touch with Honor Bank’s mortgage team or start your application today!