Mortgage 101
May 2, 2022

How VA Loans Empower Veterans Through Homeownership

At McGlone Mortgage, we continuously recognize and appreciate those that protect our country. We’re proud to offer VA Loans with special features to benefit qualified service members and veterans.  

What is a VA Loan?

VA loans are guaranteed by the US Department of Veteran Affairs with the goal of helping veterans and their families obtain home financing. The VA loan program was created as part of the GI Bill of Rights, also known as the Servicemen’s Readjustment Act, which passed in 1944. Our VA Loan program is for qualifying military veterans and active service members. They do this by guaranteeing a portion of the loan, which allows lenders to provide more favorable loan terms.

What are the Benefits?

VA loans offer no down payment, no monthly mortgage insurance, and liberal qualifying requirements. All mortgages come with fees and closing costs, but the VA limits what can be charged when it comes to these expenses. This helps make homeownership affordable, as saving money and building credit can often be difficult for service members who are constantly on the move.

VA borrowers can ask a seller to pay all their loan-related closing costs and up to 4% in concessions, which can cover things like prepaid taxes and insurance. VA loans are also assumable, meaning another qualified person can assume the remaining balance of the mortgage.

What are the Requirements?

VA loans are available for 1-4 unit dwellings that are Veteran or service member occupied. They are available for Veterans, active service members, National Guard members, reserve members, and some surviving spouses.

How Do You Know if a VA Loan is Right for You?

To find out more about our VA loans or other loan programs, contact us today. You’ll be put in touch with a Loan Originator that can walk you through the process and answer your unique financial questions. McGlone Mortgage is proud to support our service members, Veterans, and their families.

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McGlone Mortgage Group offers exceptional customer service and a convenient mortgage process. Whatever your financing needs, our goal is to exceed your expectations.

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