A VA loan is perhaps the most powerful and flexible lending option on the market today. Rather than issue loans, the VA instead pledges to repay about a quarter of every loan it guarantees in the unlikely event the borrower defaults. That guarantee gives VA-approved lenders greater protection when lending to military borrowers and often leads to highly competitive rates and terms for qualified veterans.
Benefits of VA Loans
Far and away, the most significant benefit of a VA loan is the borrower's ability to purchase with no money down. Apart from the government's UDSA's Rural Development home loan and Fannie Mae's Home Path, it's all but impossible to find a lending option today that provides borrowers with 100 percent financing.
VA loans also come with less stringent underwriting standards and requirements than conventional loans. In fact, about 80 percent of VA borrowers could not have qualified for a conventional loan. These loans also come with no private mortgage insurance (PMI), a monthly expense that conventional borrowers are required to pay unless they put down at least 20 percent of the loan amount.
VA loans offer a few other bells and whistles:
Competitive interest rates that are routinely lower than conventional rates
No prepayment penalties
Higher allowable debt-to-income ratios than for many other loans
Streamlined refinancing loans that require no additional underwriting
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Our Happy Clients
"Doris, you and your staff are incredible and I could never thank you enough for the help you’ve all given me through this process. You, Wendy, and especially Karen have shown me so much patience and understanding in what was a very foreign experience for me. This may sound a bit hokey to you, but I truly believe that you and your staff have been like angels supporting me through a really emotionally difficult time of my life. I’m so excited to move into our new house and even more so to create a wonderful new home for my children. Thank you again for everything!!"
"Doris, Thank you for your assistance and handling the process so efficiently and making it an enjoyable process. If you ever need a reference or have a customer survey to fill out I would be more than happy to provide you with an excellent recommendation."
"Good afternoon ladies! I just wanted to drop a note thanking you both for how well you took care of my family and I through our transaction. We usually aren't the easiest people to deal with (at least we can admit it) and you guys were helpful, friendly and committed the entire way. Should I hear about anyone looking for lending services I will certainly be a champion for Cody Financial and give them your contact information. As I was drafting this I received the flowers you sent us. Thank you for those as well. The professionalism and individual attention that you provide make for a very good business plan that will ensure success. Thanks for everything."