When you’re thinking about buying a home in Irvine or the surrounding communities – whether you’re looking at airport area homes for sale, Central Park West homes for sale or Turtle Rock homes for sale – you could be eligible for a VA loan.
What is a VA Loan?
A VA loan is a loan that’s backed by the U.S. government’s Veterans Administration. They don’t make the loan, but they do guarantee a portion of it. That makes it easier for lenders to give borrowers more favorable terms.
Who’s Eligible for a VA Loan?
Only people who have served honorably in the U.S. Armed Forces and their dependents are eligible for VA loans.
Benefits of VA Loans
- No down payment (provided that the sales price doesn’t exceed the home’s appraised value)
- No private mortgage insurance premium requirements (you usually have to pay PMI if you’re not giving the lender 20 percent of the home’s purchase price as a down payment)
- The VA limits how much you can be charged for closing costs
- Sellers can pay your closing costs
- The lender can’t charge you an early repayment penalty
Are You Buying a Home in Irvine?
If you’re thinking about buying a home in Irvine or any of the surrounding communities, we can help you find one that’s just right for your needs (and your budget).
Call us at 949-385-1684 or get in touch with us online to let us know what you’re looking for.
In the meantime, check out our:
- Great Park homes for sale
- Stonegate homes for sale
- Rancho San Joaquin homes for sale
- Westpark I homes for sale
- Hoag Hospital area homes for sale
- Lido area homes for sale
- Newport Coast homes for sale
- West Newport homes for sale