A loan with benefits for those who served

A mortgage that requires neither a down payment nor mortgage insurance sounds too good to be true, but for some buyers, it’s good because it’s true. Homebuyers eligible for a VA loan can often qualify for up to a $240,000 loan without a down payment. And since the government guarantees as much as $60,000 of the mortgage, mortgage insurance isn’t required. The closing costs are comparable—sometimes lower—to other types of financing.

Why would any veteran not take advantage of a VA loan? Some may be unaware of this financing option; others may have dealt with lengthy closing processes or other "red tape" in the past and think it’s too much trouble. But VA loans, which are offered through private lenders, often are closed in two weeks, and veterans can secure a certificate of eligibility online if their lender participates in the VA’s automated-certificate program. The Department of Veteran Affairs also offers free pre-purchase counseling.

For more information, visit www.homeloans.va.gov.

Buyers & sellers, visit www.texasrealestate.com.
REALTORS®, visit www.texasrealtors.com.