A VA loan can be a great way to obtain a mortgage on your new home. In addition to a new mortgage, a VA Loan can also be used if you are refinancing your current home.
Here is a quick overview of the positives of a VA loan. You can have 100% financing with a great rate. (Contact your lender for the current rates). The term of the loan can be either a 30-year or a 15-year loan if you prefer to go with a higher payment to pay off your home sooner than a 30-year loan. As with most loans, you can have a 30-year, pay extra on the principal at any time and still pay off the mortgage sooner than the full term of the loan.
With a VA loan, the seller can pay most of the closing costs if not all of them. They have lower closings than standard financing and no mortgage insurance.
If you are looking for financing on a manufactured home, you have found the correct loan because the VA loan will finance one. If you are a disabled vet, there we be no VA funding fee.
Contact your lender to compare the VA to standard financing or feel free to contact me for names of any loan officers for further information.