VA Home Loans

One of the most interesting Loan Programs available today is the VA Home Loan which is offered through the Veteran’s Administration. The roots of this Program can be found in the “Servicemen’s Readjustment Act of 1944” (commonly known as the G.I. Bill of Rights) which was implemented to offer Veterans a variety of Benefits in recognition of their Service. These Benefits included “start up funds” for Businesses, Money for Tuition and the availability of Financing for the Purchase of a Home. In reality, the VA does not actually lend money but rather “insures” the Loans that Lending Institutions make…similar to the way the Federal Housing Administration insures Loans. This generally has the effect of lowering Interest Rates below what the conventional Market Rates tend to be. In addition, the VA Loan provides 100% Financing…so there is No Down Payment required. Although there is a “VA Funding Fee” associated with the Program, this Fee can be “financed” (i.e. incorporated into the overall Loan Amount so it is not an “out of pocket expense” for the Veteran) and unlike FHA Financing, there are no on-going yearly Premiums. Another attractive feature of the VA Loan is that the VA allows the Seller of a Property to pay up to 100% of the Veterans “Closing Costs”…potentially making the VA Loan a truly “No Cost Loan”. VA Loans can be utilized to purchase a wide variety of Property types…from Single Family Homes to Condos and Manufactured / Mobile Homes. New Horizon Mortgage Concepts has worked with numerous Veterans over the years and we have found that VA Financing in conjunction with the affordability that Manufactured Homes tend to offer is a winning combination. If you’re a Veteran please contact New Horizon Mortgage Concepts to find out how this incredible Loan Program can make the dream of Home Ownership a reality for you.

California Department of Real Estate License #: 01408373

NMLS ID: 329381