Veterans Administration Home Loans in Albuquerque
VA home loans have allowed millions of veterans to purchase homes without the need for a down payment. This type of mortgage is offered by private lenders and backed by the U.S. Department of Veterans Affairs.
The process of obtaining a VA loan is similar to that of a conventional mortgage, but there are some unique requirements that must be met. This includes obtaining a Certificate of Eligibility, obtained by being an active service member, selected reserve member, a member with an honorable discharge, or a spouse who qualifies. At Infiniti Mortgage, we pride ourselves on assisting veterans in purchasing their dream homes through friendly customer service and experienced brokerage.
What Are VA Home Loans?
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.
Types of VA Home Loans for Albuquerque Residents
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.
How to Qualify for VA Home Loans in Albuquerque?
VA Home Loans in Albuquerque
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.