Franklin American Mortgages provides veteran mortgages online with VA home loans that require no money down. Only veterans are eligible for 100% VA home loan options that were created for primary residences for military families. Mike is an approved VA mortgage lender who works with veterans who have bad, good or no credit. As a trusted VA loan company we can extend 100% financing on purchase loan solutions that enable 1st time homebuyers to take advantage of record low VA loan rates.Zero Down Loan Options for Veteran Home Purchasing
Buying a home with a VA guaranteed loan grants veterans and service persons better terms than that of a conventional mortgage loan. VA mortgage loans are managed through private home loan lenders, so you do not have to struggle with government financing. Our VA loan officers have a full understanding of the VA guidelines and requirements for the VA loan program.
Understanding VA Loans
A portion of VA mortgage loans are guaranteed by the government, but your new home loan will be processed by a traditional VA approved lender, like Bridge Mortgages. As long as the mortgage is equal to or less than the value of the property, no down payment is required. The government guarantees up to $36,000 to the lending company. Because of the Veterans Administrations' guarantee, the insurance premiums with VA home loans are only .5%.
Besides lending to 100%, the VA home loans offer other important features that benefit the borrower. VA loans have no pre-payment penalties and the current mortgage rates are lower than conventional interest rates, so money is still cheap.
The VA will also assist borrowers with past credit problems, because like FHA loans, credit score is not the driving factor for qualifications. Veterans with limited or less than perfect credit can choose from FHA home loans, sub-prime mortgages or hard money if they equity. VA continues to encourage homeownership for 1st time homebuyers.
