What is a VA Loan?

By
Real Estate Broker/Owner with Keith Furrow and Associates Realty BK525383

Since 1944, VA home loan guarantees have been used to buy close to 20 million homes. VA does not make the loans. VA guarantees the loan, which minimizes risk to the lender and reduces their loss in the event of foreclosure.  A VA loan can be used to purchase an existing home (house,condo or townhome) OR one under construction.  A VA loan can also be used to refinance an existing mortgage.  VA no longer establishes a maximum interest rate. Rather, VA loans are guaranteed at an interest rate agreed upon by the buyer and the lender. Discount points, which are used to buy down an interest rate, are negotiable and may be paid by the buyer or seller. In order to be eligible to qualify for a VA loan, a person must be active duty military or must have been honorably discharged.  Reservists also have eligibility, but there are some restrictions.  Many military men and women would not be able to make their dream to own a home a reality if it weren't for the VA Loan benefit. There are no restrictions on the number of times one may obtain a VA home loan.  There must be however, enough entitlement to obtain the loan.  To find out what your entitlement amount is, you may call us and we will be happy to give you your amount. 

The Keith Furrow team has helped many veterans find and purchase a home in the Pensacola/Emerald Coast area.  We can help you too. Give us a call or shoot us an email. We are on standby ready to help.

Posted by

Keith Furrow, CRS

850-462-8173 Direct
Keith Furrow and Associates Realty

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Rainer
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Randy Bocook
Keller Williams Coastal Area Partners - Richmond Hill, GA
Selling Coastal Georgia

Great article and wonderful information. Have a great 2013

Jan 30, 2013 12:00 AM #1
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Rainer
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