What is a VA loan?
VA loans are a special type of home mortgage designed to provide long-term home financing to active military members and veterans. In many instances, their interest rates can be better than other conventional loans. These home loans are guaranteed by the U.S. Department of Veterans Affairs and offered by participating approved lenders like CIBM Mortgage.
Who is eligible?
- Active-duty military
- Veterans
- Reservists and members of the National Guard
- Some surviving spouses of veterans
Benefits of a VA Loan
- No penalty fee if you pay the loan off early
- No private mortgage insurance requirements
- No down payment option available
- FICO as low as 600
- VA may be able to provide some assistance if mortgage payment problems arise