VA

The main purpose of the VA home loan program is to help veterans finance the purchase of a home with favorable loan terms and at a rate of interest which is competitive with the rate charged on other type of mortgage loans. For VA housing loan purposes, the term "veteran" includes certain members of the Selected Reserve, active duty service personnel and certain categories of spouses.

Advantages of VA Programs :

· Ensure that all veterans are given an equal opportunity to buy a home with VA assistance, without regard to their race, color, religion, sex, handicap, familial status or national origin.
· No down payment .
· A negotiable fixed interest rate competitive with conventional mortgage interest rates.
· The buyer is informed of the estimated reasonable value of the property.
· Limitations on closing costs.
· An assumable mortgage to qualified buyers.
· Right to prepay without penalty .
· Forbearance (leniency) extended to worthy VA homeowners experiencing temporary financial difficulty.