VA Benefits & Loan

VA Home Loans

For service members and veterans looking to buy, refinance, or even make energy efficient renovations to a home, Keystone Alliance Mortgage has the preferred loan for you. The VA Home Loan is exclusively for military homebuyers (however, some family members may apply). The benefits of this loan are nearly unparalleled, especially when compared to a conventional loan.

Benefits

No Money Down
Up to 100% of the home’s value may be borrowed for qualified buyers. While we know some of you may be thinking, oh no, my credit; don’t sweat it. Even if you’re having financial difficulties, it’s worth considering a VA Home Loan as the Department of Veterans Affairs Insurance Service provides beneficiaries with free, professional financial counseling to those in need.

Can be Used More Than Once
If you’re looking to use the VA Home loan a second time, you’re in luck. VA eligibility is restored when a servicemember or veteran has paid back their loan and the property is no longer owned. If a military homebuyer is looking to purchase a second home, it is possible to use their remaining entitlement; however this does max out at $89,912.

No Private Mortgage Insurance
The Federal Government backs all VA Home Loans and assumes the risk on behalf of the borrower. This means that even if you’re not able to make a down payment, you can avoid having to purchase private mortgage insurance.

Competitive Interest Rates
Again, because the Federal Government backs all VA Home Loans, the lender assumes less risk, which means you land a lower interest rate!

Easy to Qualify
A Certificate of Eligibility is required. However, banks are more flexible when lending to military homebuyers even if they have less-than-perfect credit or a limited employment history.

Some side notes about VA Home Loans

While the Federal Government guarantees these loans, this doesn’t necessarily mean the government is making direct loans itself. That’s why it’s important to find a VA-approved lending institution like Keystone Alliance Mortgage.

It should be stated too, that the VA Loan does have a limit. In most counties, $417,000 can be borrowed without a down payment.

There is a VA funding fee. However, this should not deter you from using a VA Home Loan. This fee actually goes directly to the Department of Veterans Affairs to ensure future military homebuyers the same opportunity to purchase a home as we have today. This fee, typically 2.15%, can be merged with the overall amount borrowed.

From all of us at Keystone Alliance Mortgage: Thank you for your service.

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