What is a VA Loan?

When you’re thinking about buying a home in Irvine or the surrounding communities – whether you’re looking at airport area homes for sale, Central Park West homes for sale or Turtle Rock homes for sale – you could be eligible for a VA loan.

A VA loan is a loan that’s backed by the U.S. government’s Veterans Administration. They don’t make the loan, but they do guarantee a portion of it. That makes it easier for lenders to give borrowers more favorable terms.

Who’s Eligible for a VA Loan?

Only people who have served honorably in the U.S. Armed Forces and their dependents are eligible for VA loans.

Benefits of VA Loans

No down payment (provided that the sales price doesn’t exceed the home’s appraised value)
No private mortgage insurance premium requirements (you usually have to pay PMI if you’re not giving the lender 20 percent of the home’s purchase price as a down payment)
The VA limits how much you can be charged for closing costs
Sellers can pay your closing costs
The lender can’t charge you an early repayment penalty

Are You Buying a Home in Irvine?

If you’re thinking about buying a home in Irvine or any of the surrounding communities, we can help you find one that’s just right for your needs (and your budget).

Call us at 949-385-1684 or get in touch with us online to let us know what you’re looking for.

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