VA Loans
The VA Loan program was designed to provide housing and assistance for veterans and their families.
Veterans Affairs Loans
The VA home loan provides veterans with a federally guaranteed home loan which requires no down payment.
The Veterans Administration provides insurance to lenders in the case that you default on a loan. Because the mortgage is guaranteed, lenders will offer a lower interest rate and terms than a conventional home loan. VA home loans are available in all 50 states. A VA loan may also have reduced closing costs and no prepayment penalties.
Additionally there are services that may be offered to veterans in danger of defaulting on their loans. VA home loans are available to military personal that have either served 181 days during peacetime, 90 days during war, or a spouse of serviceman either killed or missing in action.
What's a VA Loan?
The Veteran Administration's Loan originated in 1944 through the Servicemen's Readjustment Act; also know as the GI Bill. It was signed into law by President Franklin D. Roosevelt and was designed to provide Veterans with a federally-guaranteed home loan with no down payment. VA loans are made by private lenders like banks, savings & loans, and mortgage companies to eligible Veterans for homes to live in. The lender is protected against loss if the loan defaults. Depending on the program option, the loan may or may not default.
Who's VA Loan Eligible?
A VA home loan must be used to finance your personal residence within the United States and its territories. You have choices for the type of home you purchase:
Existing Single-Family Home
Townhouse or Condominium in a VA-Approved Project
New Construction Residence
Manufactured Home or Lot
Home Refinances and Certain Types of Home Improvements
VA Loan benefits:
100% Financing & No Down Payment Loans
No Private Mortgage (PMI)
No Penalties for Prepaying the Loan
Competitive Interest Rates
Qualification is Easier than a Conventional Loan
Sellers Pay Some of the Closing Costs
Can be combined with additional down payment assistance to reduce closing costs
How to apply for a VA Loan?
You can apply for a VA Loan with any mortgage lender that participates in the program. In addition to the application requirements from your lender, you will need the following at application time:
Certificate of Eligibility from the Veterans Administration by submitting a completed VA Form 26-1880.
Proof of Military Service from a VA Eligibility Center
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365 Lending, LLC
P: (833) 382 – 3338
F: (248) 382 – 3338
E: Info@365-Lending.com
6230 Orchard Lake Rd, STE 115
West Bloomfield, MI 48322 USA
NMLS # 2318316
Complaints may be directed to:
Phone: (833) 382 - 3338 or
Email: help@365-lending.com
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This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. © Copyright 2020, 365 Lending, LLC. NMLS #: 2318316. All rights reserved.