VA Loans
The perfect home loan option for active service members or veterans.
A VA mortgage loan is a home loan that is backed by the U.S. Department of Veterans Affairs. VA loans are designed to help current and veteran service members purchase a home or refinance a home you purchased through the VA loan program. VA loans typically have better terms and interest rates for borrowers and do not require a down payment. For those who qualify, a VA home loan is usually the best option.
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Whether you're considering a VA loan to purchase a home or refinance, our hassle-free approval process at Northwest Alternative Mortgage ensures that you and your family will get the best possible loan you deserve!
Features of VA Loans ​
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The VA loan program is intended to help military personnel and their families achieve the American dream of homeownership. Here are some common rates and terms for VA mortgage loans:
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Interest Rates
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Interest rates on VA loans are typically lower than those of conventional loans, but they can vary depending on the lender, the borrower's credit score, and other factors.
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The interest rate can be fixed or adjustable, with the fixed rate typically being higher than the adjustable rate.
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Loan Terms
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VA loans can have a term of up to 30 years, with most borrowers choosing a 15 or 30-year term.
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There is no penalty for paying off a VA loan early.
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Fees
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VA loans require a funding fee, which is a percentage of the loan amount and varies depending on the type of loan, the borrower's military status, and the down payment amount.
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VA loans also have closing costs, which can include appraisal fees, title insurance, and other fees associated with the loan.
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Eligibility
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To be eligible for a VA loan, you must be a veteran, active-duty service member, or eligible surviving spouse.
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You must also meet certain service requirements, such as serving for a minimum period of time.
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You will need to obtain a Certificate of Eligibility (COE) from the VA to apply for a VA loan.
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To find out if you qualify for the VA loan program, contact our loan specialists at NWAM today at 503-343-7999!
