A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA). They are designed to offer long-term home financing to eligible American veterans or their surviving spouses (provided the spouse does not remarry), active-duty personnel and Reservists or National Guard members. A VA loan may be issued by qualified lenders like LoanMerica. The VA guarantees a portion of the loan, enabling LoanMerica to provide more favorable terms for our veterans.
There are several reasons why VA home loans are particularly appealing to many eligible veterans. A down payment is not required and the veteran can finance more than 80% of home's purchase price because mortgage insurance is not required. You can also refinance up to 120% of your current home's value. Plus, it's easier to qualify and you'll likely have lower monthly payments than you would with a conventional home loan.
Unfortunately, VA loans can be complicated, and there are some stipulations you need to be aware of, so it's best to contact LoanMerica at (800) 391-9310 to make sure a VA loan is right for you. We appreciate your service to our country, and you can count on us to help you navigate this process and start enjoying the advantages of home ownership.