Benefits
- No required down payment may be available in qualifying transactions
- No monthly private mortgage insurance
- Competitive fixed-rate and adjustable-rate options may be available
- Seller concessions are permitted within VA rules
- VA loans may be assumable with servicer and VA approval
- Certain borrowers may be exempt from the VA funding fee
VA FINANCING DETAILS
A borrower with sufficient entitlement may be able to finance an eligible home without a required down payment, subject to the purchase price, VA appraisal, lender approval, and current entitlement rules. Buyers may still need funds for inspections, closing costs, prepaid taxes and insurance, reserves, or any amount above the appraised value. Homeowners insurance remains required; the VA benefit generally avoids monthly mortgage insurance.
Most VA borrowers pay a funding fee determined by current VA rules, loan purpose, down payment, prior use, and exemption status. The fee may often be financed. Eligible veterans receiving qualifying disability compensation and certain surviving spouses may be exempt.
VA loans are intended for eligible owner-occupied properties and require a VA appraisal and minimum property standards. Assumptions and refinances are subject to separate requirements. FirstHome.us serves eligible borrowers throughout Riverside County and San Bernardino County.
APA Mortgage is not affiliated with or acting on behalf of the Department of Veterans Affairs or the federal government. All loans are subject to underwriting and VA requirements.
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