Veterans Administration Home Loans in Albuquerque

VA home loans are designed to help veterans, active duty military, and their surviving spouses buy homes in Albuquerque without having to spend years building great credit or saving up a large down payment. These home loans are backed by the federal government and offer many benefits that other mortgages do not, including accessibility for veterans.

Typically, VA mortgages have lower interest rates than conventional mortgages and require no down payment. They also have more flexible credit requirements and offer seller contributions towards closing costs and discount points in Albuquerque. There are some limitations with VA loans, however. Most importantly, VA loans can only be used to purchase a primary residence and cannot be used for investment or vacation properties. Furthermore, the property being purchased must pass a VA appraisal and inspection. Our experienced team can help explain these and other restrictions in more detail.

There are several types of VA home loans available for prospective homeowners, depending on their needs and eligibility. Infiniti Mortgage provides Albuquerque home financing to help borrowers purchase or build a home with zero down payment and lower mortgage interest rates than conventional and Federal Housing Administration (FHA) loans. There are also fewer fees associated with these types of loans, and lenders can be more flexible with credit and income requirements.

VA purchase loans are guaranteed by the Department of Veteran Affairs, which helps cover the cost of the loan and allows the lender to offer a competitive mortgage interest rate. Existing VA loan holders can refinance their VA loan to get a lower interest rate, change from an adjustable-rate loan to a fixed-rate mortgage, or cash out. This type of refinance does not require an appraisal or income documentation.

To get started toward obtaining a VA home loan, you’ll work with our specialists to determine your eligibility. These specific eligibility requirements include service history and debt-to-income ratios, among other requirements. The process to obtaining a VA home loan can be completed in as little as 30 days, depending on the current Albuquerque market as well as your financial situation. VA home loans aren't for everyone, but they can be a great option for many veterans. They can save you money in the long run and help you build equity faster, and help you find the home you’ve always dreamed about.

The VA has worked diligently for decades to help veterans fulfill the dream of Albuquerque home ownership. This is accomplished by allowing them to purchase homes with zero down payment loans. These mortgages are backed by the VA, which provides lenders with a guarantee against the borrower’s default. These loans are typically available through private banks and mortgage companies, with the VA acting as a middleman between the lender and the borrower.

The VA also requires borrowers to pay a funding fee. This fee helps to cover the risk that a down payment would usually provide. It can also be rolled into the mortgage, resulting in lower closing costs for the buyer. Infiniti Mortgage has years of experience working with these loans, and can help borrowers understand what they need to do to qualify and help walk prospective homeowners through the process of VA home loan eligibility.