A VA Loan is a mortgage loan backed by the Department of Veterans Affairs for those who are presently serving or have served in the U.S. military. The guarantee VA provides to Diamond Residential allows us to provide you with more favorable terms, including:
- No down payment as long as the sales price does not exceed the appraised value.
- No required private mortgage insurance premium.
- Limits on the amounts you can be charged for closing costs.
- Closing costs may be paid by the seller.
- The lender cannot charge you a 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.
- These loans require a VA funding fee.