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    Home Purchase Loans

    When most people think of VA loans, they think of young service members and military families who are looking to purchase their first houses. While this scenario does apply to a number of borrowers, VA home purchase loans are also available to individuals or families looking to purchase a new home that is not their first, whether or not any home they previously owned was bought with the assistance of a VA loan. In fact, even though “home purchase loan” is the commonly used phrase, this kind of VA loan can be used in a variety of different ways.

    Because the Department of Veterans Affairs backs all VA loans, promising to cover the rest of the payments if the borrowers should default, lenders have greater motivation to work with borrowers seeking VA loans than if the same borrowers were seeking conventional loans, regardless of certain financial difficulties or a rocky credit history. VA loans feature a number of other benefits over conventional loans:

    • The qualification process for a conventional loan can be very strict, meaning that these loans may be impossible for many borrowers to obtain. The requirements for VA loans are generally much less stringent, thanks to the government guarantee that puts lenders at ease.
    • Conventional loans often require you to make a downpayment, which may be as high as 20% of the purchase price of the home or lot. VA borrowers do not need to make downpayments as long as the purchase price is equal to or less than the appraised value of the home.
    • Interest rates for conventional loans are likely to be much higher because the lender incurs more risk without the backing of the government. With a VA loan, you will probably be able to secure a much more competitive interest rate.
    • Under conventional loan terms, borrowers who finance more than 80% of their home’s value (i.e. make a downpayment of less than 20%) will have to pay private mortgage insurance (PMI) along with their mortgage payment every month. The government’s guarantee on VA loans eliminates the need for you to pay PMI.
    • If you pay off a conventional loan early, you may be charged a penalty fee because the lender will receive fewer interest payments than originally expected. If VA borrowers pay off their loans early, they cannot be charge a penalty fee.
    • VA rules limit the amount that you can be charged for closing costs, and it’s even possible to negotiate a deal for the seller to cover those costs.
    • If conventional borrowers begin to have difficulty making their payments, they are likely on their own to solve the problem. If you have the same difficulties as a VA borrower, the Department of Veterans Affairs may be able to provide you some guidance and/or assistance.

    With the wide variety of options for using VA loans and with all the fantastic benefits they provide to borrowers, why wait any longer to get the process started? The family of VA loan specialists and lenders at Fortress VA Loans is qualified to answer any questions you may have. We’ll be by your side from the very first prequalification questions until you close on the home of your dreams.