No Private Mortgage Insurance: VA loans do not feature a private mortgage insurance (PMI) requirement.The Department of Veterans Affairs outlines specific criteria (see below) that you must satisfy to be eligible for any VA loan, including VA purchase loans, Interest Rate Reduction Refinance Loan (IRRRL), a VA cash-out refinance, and the Native American Direct Loan (NADL) program. Yet there are some critical differences with VA loans that are important to understand. For example, you’ll have to fill out a mortgage application, provide supporting documentation, and meet a lender’s eligibility requirements. In many ways, using a VA purchase loan to buy a home is similar to other types of mortgages. Because of the guarantee, VA loan lenders are willing to extend loans with better terms to eligible borrowers-including loans with potentially lower interest rates, no down payment, and no private mortgage insurance (PMI) requirements. Department of Veterans Affairs (VA) guarantees a portion of the loan, reducing the risk for the private mortgage lenders that offer them. What Is a VA Loan?Ī VA Home Loan is a type of mortgage loan that’s backed by the federal government. The guide below will help you discover how VA loans work, their benefits and drawbacks, and how you can apply for this attractive type of mortgage loan. VA loans are designed to make it easier and more affordable for our nation’s servicemembers, veterans, and their families to become homeowners. These include VA loans, streamline VA refinance loans (IRRRL), and the Military Choice loan (for those with no remaining VA loan entitlement). Qualified veterans, active-duty military members, Department of Defense employees, and their families are all eligible to join the credit union and take advantage of the benefits it offers. Since 1933, Navy Federal Credit Union has served millions of member-owners with its financial products. And the Rate Match Guarantee promises that if you find a lower rate with another lender, Navy Federal will match it or give you $1,000.
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The lender also lets homebuyers relock their VA loan’s interest rate at no additional cost if mortgage rates go down prior to closing.
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Navy Federal is a top VA loan lender with the experience to help you take full advantage of the servicemember benefits to which you’re entitled. The credit union earns this designation for several reasons, including the fact that it doesn’t impose a minimum credit score requirement on VA mortgage products. Navy Federal Credit Union is our choice as the best VA loan lender for first-time homebuyers. Best for First-Time Homebuyers: Navy Federal Credit Union Navy Federal Credit Union VA Loan Highlights