The FHA Mortgage Loan Process
As a Veteran, you are entitled to use your VA benefits to obtain a VA Home Loan. If you qualify, the program allows you to purchase your primary residence with 100% financing. This means all you would pay out of pocket at closing is the closing costs on the loan. However, it is possible, with seller concessions, to purchase your home with little or no money out of pocket. Unlike other loans, this loan does not have mortgage insurance.
There are some basic steps involved in obtaining VA Home Loans. The more information you have about the VA loan process, the more you will realize how uncomplicated the process is. Other than requiring a certificate of eligibility and an appraiser assigned by the VA, the VA mortgage loan process is very similar to the conventional loan process.
FHA Loan Benefits
- Veterans Administration guarantee
- VA Home Loan with no down payment (100% financing)
- Money saved on mortgage insurance
- Low VA Loan rates
- Never a pre-payment penalty
- Financial Counseling from the VA in case of temporary financial difficulties
