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Chris Nooney March 17, 2023

Is A VA Loan The Best Option For Your Needs?

Is a VA Loan the Best OptionIf you plan on buying a house in the near future, there are a few mortgage options available. One potential option is called a VA loan. This is a loan that has been backed by the Department of Veterans Affairs, and it could provide you with some added flexibility that you can use to purchase a house. Is a VA loan right for you? There are a few points to keep in mind.

Who Qualifies For a VA Loan?

First, not everyone is able to access a VA loan. This is a loan that is generally only available to active members of the US military, veterans of the US military, and surviving spouses of service members. There are different service requirements that you need to meet before you can qualify for a VA loan, so if you have questions about your service record, consider reaching out to an expert who can clarify whether you meet the requirements.

What Are the Top Benefits of a VA Loan?

There are a few reasons why you might want to take advantage of a VA loan. First, you don’t need to put any money down. You can take out a home loan for 0 percent down, making it easier to purchase the house of your dreams. Second, even though don’t put any money down, you don’t need to pay for mortgage insurance, helping you save money. While you can still put money down if you would like, there is no requirement for you to do so.

Overall, the closing costs tied to a VA loan are significantly lower, so you don’t have to worry about exorbitant fees at the closing table. Finally, if you decide to pay off the loan early, you should not have to worry about incurring a prepayment penalty. 

Consider Applying For a VA Loan

There are a lot of unique requirements that you need to meet if you want to qualify for a VA loan, but it could help you buy a home without having to put anything down at all. You should partner with an expert who has experience navigating this situation. That way, you can find the best loan option to meet your needs.

Filed Under: Mortgage Tagged With: Mortgage, VA Loans

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Pursuant to the requirements of Section 157.007 of the Mortgage Banker Registration and Residential Mortgage Loan Originator License Act, Chapter 157, Texas Finance Code, you are hereby notified of the following: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. © 2021 Draper and Kramer Mortgage Corp. All Rights Reserved.
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Christopher James Nooney (NMLS ID # 179371 (www.nmlsconsumeraccess.org) TX:179371) Roger G Ryman Jr. (NMLS ID # 180704 TX:180704) Michele Domenico Zugheri (NMLS ID # 179379 TX:179379) are agents of Draper and Kramer Mortgage Corp. (NMLS:2551) an Illinois Residential Mortgage Licensee located at 1431 Opus Place, Suite 200, Downers Grove, IL 60515, 630-376-2100. TX: Draper and Kramer Mortgage Corp. NMLS ID 2551.

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