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.
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
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:
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.
The interest rate can be fixed or adjustable, with the fixed rate typically being higher than the adjustable rate.
VA loans can have a term of up to 30 years, with most borrowers choosing a 15 or 30-year term.
There is no penalty for paying off a VA loan early.
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.
VA loans also have closing costs, which can include appraisal fees, title insurance, and other fees associated with the loan.
To be eligible for a VA loan, you must be a veteran, active-duty service member, or eligible surviving spouse.
You must also meet certain service requirements, such as serving for a minimum period of time.
You will need to obtain a Certificate of Eligibility (COE) from the VA to apply for a VA loan.
To find out if you qualify for the VA loan program, contact our loan specialists at NWAM today at 503-343-7999!