Tuesday, August 13, 2013

What is a VA Loan?


VA home loan benefits New Jersey

7th Level Mortgage is strategically located in Cherry Hill, NJ and is able to provide VA home loan benefits in New Jersey, Pennsylvania, Delaware and Florida.  The owner of the company is a military veteran having served in the United States Armed Forces for over 10 years as both an enlisted soldier and commissioned officer.  In 2012, 7th Level Mortgage was selected as one of the Top 25 Veteran owned companies in the Delaware Valley by Philadelphia Business Journal and we are proud to continue that fine tradition of serving the folks that have served our country.

Most of our clients are within easy driving distance from our office, unlike large banks or internet based mortgage loan companies, our NJ VA Mortgage Loan experts are available at any time for a face to face meeting, in fact we encourage it!  We specialize in all forms of VA home loan benefits in New Jersey, we can bring that experience to bear in PA, FL and Delaware as well.  At 7th Level Mortgage we hold sacred the motto of HONOR, LOYALTY and INTEGRITY.  We will NEVER mislead a client, we promise to give it to you straight and stand by our word, you have that promise from us on Day one. 

What is a VA Loan?

Most VA Home Loans are handled entirely by private lenders or brokers such as 7th Level Mortgage. The Veterans Administration itself rarely if ever gets involved in the loan approval process. However, the VA "stands behind" the loan by guaranteeing a portion of it. If something goes wrong and you can't make the payments anymore, the lending institution can go to the VA to cover any losses they might incur. The VA loan guaranty is the "insurance" that is provided to the mortgage company.

Because the VA is providing insurance on the loan there are a great deal of advantages given to veterans when using their VA benefits to include but not limited to:

  • No down payment as long as the sales price doesn't exceed the appraised value.
  • No private mortgage insurance premium requirement.
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs may be paid by the seller.
  • There is no charge or penalty fee if you pay the loan off early.
  • VA may be able to provide you some assistance if you run into difficulty making payments.

VA Loan Eligibility Requirements

If you are considering a VA Home Loan the fastest and easiest way to find out if you qualify is by contacting one of our VA Mortgage loan experts who can help to determine your eligibility, qualification level and let you know what your options are.

It doesn't cost you anything and there is no obligation. You will simply be connected to a VA Loan Specialist who will let you know how to maximize your VA benefits by calling 856-322-0233.

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