In Tooele UT Try VA Loans For 100% Financing

By
Real Estate Agent with Group 1 Real Estate

Need 100% Financing In Tooele Utah Try VA Loans

No money down

If you need 100% financing in Tooele Utah try VA loans.

You need to have been a veteran and have not previously used up your eligibility. If you meet these 2 qualifications then you could be well on your way to home ownership without using up your life savings or paying a premium outside of interest rates. VA loans are just one of the many benefits available to our veterans.

VA Loan Benefits

Features Of VA Mortgages In Tooele Utah

Veterans have use of VA mortgages provided by private mortgage companies but guaranteed by the federal government. The guarantee buffers mortgage companies against loss up to a certain dollar amount should a homeowner forecloses on a property. With this guarantee, mortgage companies are able to give veterans options not easily found in other alternatives. The following is an introduction to the features of VA mortgages in Tooele County Utah.

Features Of VA Mortgages In Tooele Utah

The best features of VA mortgages are the options for no down payment and no mortgage insurance. Buyers can finance the full price of a property being purchased, that is assuming the appraisal supports the price and the particular lender does not require otherwise. VA mortgages also enable veterans to purchase a home by eliminating the added expense of mortgage insurance, which is traditionally required in mortgages with less than twenty percent down. Other notable advantages are…

  • Similar closing costs to other loan programs.
  • VA loans are transferable.
  • No pre-payment penalty.
  • Ability to finance or lower the VA funding fee for the home loan.

Qualifying for VA Mortgages

To qualify for a VA mortgage, buyers must fit some criteria. The first set pertains to their service – when time was served, level of service, and length of time served. The second set includes the traditional credit report and financial considerations by lenders. Veterans can contact any mortgage company offering VA loans to determine eligibility and obtain a pre-approval.

With a pre-approval in hand, buyers can then start touring homes within their price range. Once a listing is identified, an offer should be made subject to approval for VA financing. With a purchase contract, buyers will then apply for the loan and lock in an interest rate. Once the loan is approved, a closing can take place. After closing, information is sent to the VA. Veterans can only have one current VA loan at any given time.

What Other Professionals Say About VA Loans

VA Loans: The Complete Guide from Veterans United Home Loans

Learn more about the VA Home Loan and why it may be the perfect home mortgage choice for veterans and military families.

VA loan – Wikipedia

A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders .

VA Loans – Eligibility, Benefits & How to Apply | Zillow

A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are …

 

This article is merely an introduction to the features of VA mortgages in Tooele Utah. To be directed to a local mortgage company providing VA mortgages, contact Berna Sloan at Group1 Real Estate  at 435-840-5029.

 

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Chris and Berna Sloan

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