VA Loans

Established in 1944 through the Servicemen’s Readjustment Act, VA Loans were designed to provide housing assistance for veterans and their families. VA Loans are federally guaranteed home loans that provide insurance to private lenders such as banks, mortgage lending institutions, and credit unions in the event of a default situation.

VA Loans require no down payment obligation, may also have reduced closing costs and carry no prepayment penalty. In most cases the loan limit for VA Loans is the same as the conforming loan limit of $417,000. VA Loans, as an added bonus, do not require any private mortgage insurance. The VA also offers help for refinancing. Only VA approved lenders, such as Infinity Financial Group, can write VA Loans.

In order to get a VA Loan, you must provide a copy of the DD-214 discharge paperwork. You will also need to fill out a VA 22-1880 or use an online program called ACE (Automated Certificate of Eligibility) to start the process. In the event of a military separation other than honorable, the VA must investigate the discharge to insure it was not classified as dishonorable. If you fall into this category, you can consult with a local VA office to file an appeal.

VA loans are intended for primary residences only and cannot be used to buy a farm unless there is a residence where you as the veteran intend to live on the farm.

If you are a veteran interested in getting more information, contact an Infinity Financial Group loan senior loan consultant today!