VA HOME LOANS
Take the first step to owning your dream home!
Benefits of a VA Loan
Syla Lending salutes the servicemen and women of America by offering VA home loans. Our direct lender status allows us to quickly process these special loan programs with features not available in other home financing options, such as 100% financing, no down payment, or monthly mortgage insurance! Enjoy the unique benefits that come along with a secure homeownership plan when you choose Syla Lending for your veteran lending needs.
- N100% Financing with no down payment
- NNo monthly mortgage insurance*
- NGift funds acceptable for closing costs
- NReduced cost for disabled veterans
- NNot limited to first time home buyers
- NCompetitive fixed interest rate
*Borrowers may have to pay a funding fee
Speak to an expert today!
VA vs.
Conventional
VA loans offer unique opportunities to qualified buyers, providing potential advantages that can make a home purchase more accessible. Discover the distinct differences between VA and conventional loan options so you can find which one is right for your financial goals!
Down Payment – VA Offers $0 Down
With VA Loans, homebuyers have the unique opportunity to purchase a house without putting down any money up-front. This is an incredible advantage when compared to conventional loans which can require as much as 20% for a reasonable rate and terms. The federal government’s backing of these loans significantly reduces risk in case of default, making them one of only a few loan options that still provide 100% financing!
Monthly Payment – Save Money With VA Loans
VA loans have a significant advantage over conventional mortgages – lenders don’t require borrowers to pay PMI, which can drastically reduce monthly expenses. Additionally, by decreasing the bank’s capital risk through government backing of VA loans, lenders are able to offer lower interest rates ranging from 0.5% – 1%, further reducing payments and allowing for more money in your pocket each month!
Qualification – VA Loans May Be More Lenient
Veterans and their families have extraordinary access to loans backed by the US Government. VA Loans offer some of the most desirable rates on mortgages, with less rigid credit score requirements making them an ideal choice for many borrowers in today’s market.
VA Loan Guarantee Fee May Be Rolled Into Financing
For Veterans considering the VA Home Loan Guaranty benefit, there is no need to worry about a hefty down payment or monthly mortgage insurance; however, it does come with its own fee. The funding fee helps reduce the cost of this loan for taxpayers and varies depending on various factors such as type of loan, military category, and whether you are taking out your first or subsequent time. You can opt for financing the fees at closing – so enjoy real estate options without any worries!
You do not have to pay the fee if you are a:
- Veteran receiving VA compensation for a service-connected disability, OR
- Veteran who would be entitled to receive compensation for a service-connected disability
if you did not receive retirement or active duty pay, OR - Surviving spouse of a Veteran who died in service or from a service-connected disability
Why Choose a VA Loan?
In 1944, the U.S. Department of Veterans Affairs began providing incredible opportunities for America’s veterans to realize their dream of homeownership by guaranteeing millions in home loans and adding a layer of security with repayment promises if borrowers defaulted on payments. Since then, countless vets have been able to experience this milestone through VA assistance!
- NNumber one reason Veterans choose a VA loan is that there is no down payment required.
- NVA Loans tend to have lower interest rates than conventional loans, and they tend to be easier to qualify for as well.
- NBecause of the guaranty from the VA, lenders are much more likely to approve higher-risk borrowers.
