A Unique Home Buying Program For Servicemen and Women
Serving to protect our country is a great sacrifice, and Foundation Mortgage in Knoxville, Tennessee is honored to assist customers who have served in our country’s military with locating and financing their dream home. If you are a U.S. veteran or a current military service member, you could qualify for a VA loan. Our mortgage specialists will work closely with you to determine your eligibility for this great program, assist you with the approval process, and help you secure a low down payment and interest rate. If you are looking for a new home in the areas of Knoxville, Maryville, Lenoir City, Oak Ridge, or Gatlinburg, Tennessee, contact Foundation Mortgage to schedule a consultation today.
VA Loan Basics
A VA loan is a mortgage that is issued by a private lender, like Foundation Mortgage, but is guaranteed by the Department of Veterans Affairs, (VA). Since it is backed by a division of the federal government, private lenders can offer advantageous qualifying terms, because the government can repay the lender in the instance of a loan default. VA loans were created after World War II in order to allow returning servicemen from the war an opportunity to purchase a home and help their families obtain the American Dream. VA loans continue to be an excellent mortgage option for home buyers because they have either no down payment, (or a very low one), low interest rates, and lower credit score requirements.
Advantages of Obtaining a VA Loan
The unique VA loan program offers several benefits to active servicemen, women, and veterans that can help them secure their ideal home.
- 0% down payment options are available for qualifying applicants
- VA loan rates are usually lower than conventional loan rates
- VA loans do not require private mortgage insurance fees (PMI)
- VA loans offer limited closing costs
- VA advisors offer assistance if payments are unable to be made
- There are no prepayment penalties, you can pay a VA loan off early with no penalties
- VA loans can be refinanced and it is possible to buy a home again with VA financing
How Do You Qualify for a VA Loan?
Foundation Mortgage can work with you to determine your eligibility for this great home buying program. The general requirements for qualifying for a VA loan are:
- You must be a veteran
- You must be an active duty service member
- You must be a National Guard service member with at least 6 years of service
- You must be a single spouse of a veteran who died during service or from an injury related to service
Apply Today For a VA Loan
If you are a person who has served our country, and are looking for a home in the Knoxville, Maryville, Lenoir City, Oak Ridge, or Gatlinburg areas of Tennessee, contact Foundation Mortgage today for an appointment. We are proud to help our servicemen and women find the best rates and achieve their dream of finding a new home.