VA Loans: Your Path to Homeownership
VA Loans are backed by the Department of Veterans Affairs for eligible service members, veterans, or surviving spouses. If you meet eligibility guidelines, this type of loan can offer substantial benefits, including lower interest rates, no down payment, and no required private mortgage insurance (PMI).
Your Loan Expert at AFC Mortgage Group will be able to guide you through the process, which starts with requesting your Certificate of Eligibility (COE) from the Department of Veterans Affairs if you haven’t already obtained one. Not all lenders offer VA loans, but AFC Mortgage Group is proud to support our Veterans.
Why Choose a VA Loan?
VA loans offer unique benefits designed to make homeownership more accessible and affordable for those who have served.
- No Down Payment Required: This is one of the most significant benefits, allowing you to purchase a home without saving for a large down payment.
- No Private Mortgage Insurance (PMI): Unlike conventional loans, VA loans do not require PMI, which can save you a significant amount on your monthly payments.
- Flexible Credit Requirements: VA loans often have more forgiving credit underwriting requirements compared to other loan types, making them more accessible.
- Competitive Interest Rates: VA loan interest rates are typically lower than those for conventional loans.
- Limitations on Closing Costs: The VA limits what lenders can charge in fees and costs, which can help reduce your out-of-pocket expenses.
- Lifetime Benefit: You can use your VA loan benefit multiple times throughout your life, not just for your first home.
How to Get Started
The process of securing a VA loan is straightforward with the right guidance. Here are the key steps:
- Obtain Your Certificate of Eligibility (COE): This document proves to a lender that you are eligible for the VA loan benefit. Your Loan Expert can help you obtain this.
- Get Pre-approved: Once you have your COE, your Loan Expert will review your financial information to determine how much you can afford to borrow. This gives you a clear budget as you begin your home search.
- Find a Home: With your pre-approval, you can confidently work with a real estate agent to find a home that meets your needs.
- Submit Your Offer & Get a VA Appraisal: Once your offer is accepted, your lender will order a VA appraisal to ensure the home meets the VA’s minimum property requirements and is valued appropriately.
- Closing: The final step where all documents are signed and you become the owner of your new home.
We're ready to help you navigate this process and achieve your dream of homeownership.