If you are a veteran or active service member in the military, you are eligible for a VA home loan. Bombay Mortgage can help you determine whether this loan is right for you and your family, as well as discuss all your options with you. We look forward to helping you purchase your dream home.
Why choose a VA loan?
Most eligible homeowners who receive a VA loan are not required to have a down payment for their house — a major benefit when the standard down payment expectation is at least 3.5 percent! VA loans also prevent their holders from paying monthly mortgage insurance premiums. There is typically an upfront and annual insurance charge, but no monthly charge makes this an easier cost.
VA loans also have the lowest average interest rates of all loan types with no prepayment penalties. Pay off your loan sooner than you anticipated without any financial penalties. If, for whatever reason, you are worried about foreclosure, those with VA loans are eligible for foreclosure avoidance advocacy.
If a VA loan sounds like the right option for you and your family, reach out to Bombay Mortgage. We look forward to helping you find the right solution. We’ll talk to you soon.