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WHAT IS A VA LOAN?
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The U.S. Department of Veterans Affairs (VA) backs or guarantees loans issued by VA approved lenders, of which Essex is one. This is a great benefit to military personnel, and with very few exceptions, all members of the military (past and present) in good standing are eligible. Members of the National Guard and the U.S. Army Reserves can also qualify, as well as the surviving spouse of a military member who died during their service or as a result of a service-related injury.
Active members of the military can apply after six months of enlistment. If you are in the reserves or part of the National Guard, you will have to wait six years before applying, but if you are called to duty then the standard 6 months applies (this time frame is reduced to 90 days during active wars.)
PLEASE CONSULT YOUR ESSEX MORTGAGE LOAN OFFICER REGARDING ELIGIBILITY.
WHY GET A VA LOAN?
100% financing available
VA funding fee may be financed in mortgage
No mortgage insurance
Lower closing costs
Can be used for purchase or cash-out refinance for primary residence
On current VA loans, a no cash-out streamline refinance (IRRRL) can be made with no appraisal and minimal documentation
Jumbo VA loans available up to $1.5 million