VA Home Loans with Fortis

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VA Mortgage Loan Programs Available

A VA home loan requires little or no down payment, and this is one of the many benefits of VA loans. Below we are going to give answers on all that you need to know about VA Loans.

  • What Are VA Loans?

    A VA home loan requires little or no down payment, and this is one of the many benefits of VA loans. Below we are going to give answers on all that you need to know about VA Loans.

  • Why Should You Use VA Loans?

    A VA home loan requires little or no down payment, and this is one of the many benefits of VA loans. Below we are going to give answers on all that you need to know about VA Loans.

  • What Is the Advantage of the VA Home Loan?

    VA home loans offer a wide range of benefits to those eligible, including the following:

    • No down payment is required, meaning that you won’t have to accumulate savings for the initial payment
    • No private mortgage insurance is required
    • Low-interest rates
    • You’ll get lifetime benefits
    • You’ll avoid foreclosure
    • Reduced closing costs

Spire Financial VA Mortgage Loans

VA home loan programs are an ideal mortgage solution for those who served, are serving in the Military, Reserve, National Guard, or surviving spouses. Most people shy away from the idea of purchasing a home because they haven’t saved enough money to use as a down payment. One of the many perks of a VA loan is little to no money down.

Excited military mom embracing her son after returning home from the army. Cheerful female soldier having a joyful reunion with her young child after military deployment.

What Are VA Loans? (And Who Is Eligible)

This is a type of home loan that is guaranteed by the Department of Veterans Affairs. Being a government-backed loan, if you do qualify, you enjoy little or no down payment as well as competitive interest rates. To confirm eligibility, you should visit the website of the US Department of Veteran Affairs. Some of the requirements include; being the spouse of a service member that passed away in the line of duty because of complications that arose from being in service. Having served 90 consecutive days or 181 days during peacetime. National guards that have served for more than six years also qualify for a VA home loan.

Happy army soldier and his wife communicating with African American healthcare worker while having consultations at the clinic.

Benefits of VA Home Mortgage Loans

If you have always fantasized about buying a dream home, a VA home loan can help you in many ways. First, as a veteran, you won’t have to provide any down payment. Secondly, unlike conventional loans, you won’t have to pay for private mortgage insurance. This will save you thousands of money in the long run. Another advantage is the competitive interest rates. Quite often, these types of loans have an interest rate of 0.5 to 1%. Also, the credit score requirements are a bit more lenient with VA loans. As if that’s not enough, veterans are granted the privilege of using the VA home loans program as many times as they want, thus resulting in a lifetime benefit. And there are no prepayment penalties, so you can pay off debt before the loan matures and not worry about being fined.

Provided you are eligible for a VA home loan, then getting your dream home shouldn’t be much of a hassle. The interest rates are low, the terms of the loan are better than conventional ones, and you don’t have to provide a down payment. If you consider getting a VA home loan, have a chat with your mortgage lender and ask them about the different types of VA home loans. We are a reputable mortgage lender that offers VA home loans. Feel free to visit our offices to talk more about VA home loans and which type suits your financial situation better.

HAVE A FEW MORE QUESTIONS?

Our Loan Experts Can Help

  • Are VA Loans Good for Buying Your First Home?

    It’s possible to refinance your conventional mortgage with a VA loan through the VA Cash-Out refinancing. A borrower will undergo all processes, including income verification, credit score checking, home appraisal, etc. However, these guidelines will vary from one lender to another.

  • Can I Refinance My Conventional Mortgage With a VA Loan?

    This will be dependent on a few factors. A lender reviews your income, debts, assets and credit to see how much payment you can afford and what loan type best suits your unique scenario. Primarily they’ll look at the payment you can afford and how much house that payment will cover monthly.

  • When Should I Refinance My VA Mortgage?

    Refinancing your VA mortgage isn’t something that you should think about overnight and implement straight away. Certain factors will determine when you should refinance your mortgage as follows:

    • Is there a drop in interest or not
    • Duration you’ve paid your mortgage
    • Is there an adjustable-rate mortgage
    • Duration you want to own the home
  • Can I Get a VA Loan for a Second Time?

    You can get a VA loan as many times as you want. Generally, there are no limits provided that you can qualify for the loan. You can get both primary and secondary entitlements. Apart from getting a VA loan for a second time, getting even two VA loans simultaneously is also possible.

  • Can I Use My VA Home Loan for a Second Home?

    Yes, you can use your VA home loan for a second home. VA loans are meant to help people get primary properties where they’ll reside in the long run. With a VA loan, you can buy a second home. However, you must first live in the property for some time and then convert it to into an investment or rental property where you can rent out to make a living.

  • What Is the Best Mortgage for a Veteran With Less Closing Costs?

    All mortgage loans have closing costs, including recording fees, credit reports, appraisals, title insurance, tax service, attorney fees, etc. Closing costs will vary depending on the lender, loan type, and loan amount. Therefore, whether you’re getting a home purchase loan, Cash-out refinance loan, Native American direct loan, and interest rate reduction refinance loan, the value of closing costs will depend on the factors named above.

Other Loan Services in

    Spire Financial brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.

    Other Locations for VA Home Loans with Fortis

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    Disclaimer

    V.I.P. Mortgage, Inc. DBA Spire Financial does Business in Accordance with Federal Fair Lending Laws. NMLS ID 145502. For state specific licensing, visit www.vipmtginc.com/national-licenses/. V.I.P. Mortgage, Inc. is not acting on behalf of or at the direction of the FHA/HUD or the Federal Government. This product or service has not been approved or endorsed by any governmental agency, and this offer is not being made by any agency of the government. V.I.P. Mortgage, Inc. is approved to participate in FHA programs but the products and services performed by V.I.P. Mortgage, Inc. are not coming directly from HUD or FHA. Information, rates, and programs are subject to change without notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions may apply. This is not an offer to enter into an agreement. Not all customers will qualify.

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