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VA Mortgage
VA Mortgages
At PROLEND HOME LOANS, we are dedicated to helping our nation’s heroes achieve their dreams of homeownership. As experts in mortgage lending, we proudly offer VA Mortgages, providing eligible veterans, active-duty service members, and their families with affordable and accessible financing options. With years of experience and a wide range of mortgage solutions, ProLend Home Loans is your trusted partner in securing the right loan for your needs.
VA Mortgages, guaranteed by the U.S. Department of Veterans Affairs, are home loans specifically designed to assist veterans, active-duty service members, reservists, and eligible surviving spouses in purchasing a primary residence. VA Mortgages offer numerous benefits, including competitive interest rates, no down payment requirement, and no private mortgage insurance (PMI) requirement.
No Down Payment
One of the most significant benefits of VA mortgages is that eligible borrowers can purchase a home with no down payment, making homeownership more accessible, especially for those who may not have substantial savings for a down payment.
Guaranteed by the VA
VA mortgages are guaranteed by the U.S. Department of Veterans Affairs, which means that lenders are protected against losses if the borrower defaults on the loan. This government backing encourages lenders to offer favorable terms and lower interest rates to VA borrowers.
Interest Rates
Conventional mortgage interest rates can be fixed or adjustable. Fixed-rate mortgages have the same interest rate for the entire loan term, providing stability and predictability for borrowers. Adjustable-rate mortgages (ARMs) have interest rates that can change periodically, typically after an initial fixed-rate period.
Competitive Rates
VA mortgages typically offer competitive interest rates that are often lower than those of conventional loans. This can result in lower monthly mortgage payments and overall savings over the life of the loan.
No PMI
Unlike conventional loans, VA mortgages do not require private mortgage insurance (PMI), even with no down payment. This can save borrowers hundreds of dollars each month and thousands of dollars over the life of the loan.
Flexible Credit
While VA lenders may have their own credit score requirements, VA mortgages generally have more flexible credit guidelines compared to conventional loans. Eligibility is based on factors such as credit history, income, and debt-to-income ratio.
VA Funding Fee
While VA mortgages do not require a down payment or PMI, borrowers are generally required to pay a one-time VA funding fee at closing. The funding fee helps offset the cost of the VA loan program and can vary depending on factors such as the borrower's military service status, down payment amount, and whether it's a first-time or subsequent use of VA loan entitlement.
No Prepayment Penalty
VA mortgages do not typically have prepayment penalties, allowing borrowers to pay off the loan early without incurring additional fees. This provides borrowers with more flexibility and control over their mortgage repayment.
Assistance
The VA offers assistance programs for borrowers who may experience financial hardship and have difficulty making their mortgage payments. These programs provide support and resources to help borrowers avoid foreclosure and stay in their homes.
Overall, VA mortgages offer significant benefits to eligible military personnel and their families, including no down payment, competitive interest rates, and no PMI requirement. These characteristics make VA mortgages an attractive option for those who have served or are currently serving in the military.
Every Step Of The Way
Our mission is to provide industry-leading customer service, ensuring your journey to homeownership is smooth and rewarding.
Dedicated Loan Concierge
We assess your financial situation, explore various loan options, and tailor a solution that fits your goals and budget.
Personalized Service
Zero Hassles
Zero Hassles
We understand that securing a mortgage is not just about getting a loan; it's about getting the best rates.
Talk with a Lending Specialist.
PROLEND HOME LOANS is a leading mortgage brand that offers streamlined solutions for the modern homebuyer.
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