- Active duty personnel
- Certain reservists and National Guard members
- Surviving spouses of persons who die on active duty or die as a result of service-connected disabilities
- Certain spouses of active duty personnel who are (a) missing in action, (b) captured in line of duty by a hostile force, or (c) forcibly detained by a foreign government or power
How It Works?
You get your loan from a Wright Financial Inc., and VA “stands behind” the loan with that lender. If something goes wrong and you can’t make the payments anymore, the lending institution can come to us to cover any losses they might incur. The VA loan guaranty is this “insurance” that we provide the lender. Most loans are handled entirely by lenders. VA rarely gets involved in the loan approval process.
What it Can Do for You? Here are some advantages of the VA program:
- You can buy a home without a down payment – as long as the sales price doesn’t exceed the appraised value. (Of course, you have to qualify in terms of income and credit.)
- You won’t need to buy private mortgage insurance.
- VA rules limit the amount you can be charged for closing costs.
- Closing costs may be paid by the seller. (You should keep this in mind when negotiating the sales price.)
- The lender can’t charge you a penalty fee if you pay the loan off early.
- VA may be able to provide you some assistance if you run into difficulty making payments.
You should also know that with the VA Program:
- You don’t have to be a first-time homebuyer.
- You can reuse the benefit.
- VA-backed loans are assumable, as long as the person assuming the loan qualifies
Our other home mortgage services: