VA Loans are government backed loans that allow eligible veterans, service members, and surviving spouses, the ability to purchase a home with no money down, no mortgage insurance and a low interest rate. These loans are backed by the US Dept. of Veterans Affairs.

The Dept. of Veteran Affairs has a number of requirements that must be met in order to deem someone eligible to receive the benefits of this type of financing.

VA loans can only be used for primary residences or properties that the borrower will be occupying within 60 days of closing.

One of the downsides to a VA Loan is that you will need to be pay a “funding fee.” This can range from 2%-4% of the total loan amount, but can be reduced with a larger down payment. This can be paid as part of your closing costs or rolled into the loan amount.

Not all lenders are approved to offer VA loans, however, at Anywhere Lending, we are!