If you a military veteran and seek a guaranteed home mortgage, requiring no money down, then the VA mortgage might be the best bet for financing a new home. With no down-payment required, the Veterans Administration offers the last truly 100% mortgage financing opportunity. VA does require men and women to be military veterans, so this loan is not for everyone.
According to VA loan guidelines, the VA loan guarantee provides veterans and eligible spouses no down payment unless the home price limits are not met. The VA secures competitive interest rates and an assurance to the lender of paying off all or part of the loan in advance.
During the home financing process, the VA appraises the home to determine the Fair Market Value. The VA also requires compliance inspections on new construction to make certain the structure “Meets accepted standards of good construction” and “Conforms to the plans and specifications on which VA’s appraisal is considered.”
You can read more of Nick’s VA loan articles online: 100% VA Home Mortgage Loans or VA Home Loans. Read the complete VA Article.
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