VA Loans
Unlock Your Benefits as a Veteran
At Supreme Mortgage, we proudly serve veterans and offer specialized mortgage solutions through VA loans.
Your Trusted VA Loan Provider
Are you a veteran, active-duty service member, or surviving spouse looking to achieve the dream of homeownership? Supreme Mortgage is here to help you unlock your benefits through VA loans.
The Buying Process
Once you have completed our Apply Now form, we will guide you through a process consisting of four steps.
Review
We will review your application and then contact you to discuss the next steps in the loan process.
Pre-Approve
Once pre-approved, we’ll help you select the loan that meets your needs. We will then order an appraisal and send initial loan disclosures.
Verify
You provide us with documentation of the information you submitted in your application. We’ll verify and approve your loan for closing.
Close
After signing the closing documents, we’ll coordinate the loan closing and fund your loan. It’s just that simple!
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Choose Supreme Mortgage for Your VA Loan Needs
Our specialized mortgage solutions are designed to support those who have served our country, providing favorable terms, flexibility, and financial advantages. Discover the power of VA loans and let us guide you through the process of obtaining a VA loan that meets your unique needs.
What Is a Veterans Affairs Mortgage Loan?
A Veterans Affairs (VA) mortgage loan is a specialized home loan program offered by the Department of Veterans Affairs to assist eligible veterans, active-duty service members, and surviving spouses in achieving homeownership.
VA loans are designed to provide favorable terms and benefits to those who have served our country. These loans are backed by the government, allowing lenders to offer competitive interest rates and more flexible qualification criteria.
To be eligible for a VA loan, you must meet certain service requirements based on your military service and discharge status. VA loans can be used to purchase, build, repair, or refinance a primary residence. They offer veterans and their families an opportunity to secure affordable and accessible financing options with several distinct advantages.
Benefits of VA Loans
VA loans come with a range of benefits that make them an attractive choice for eligible veterans and active-duty service members.
No Down Payment Required: One of the most significant benefits of a VA loan is that it often allows borrowers to purchase a home with no down payment. This makes homeownership more accessible, especially for those who may not have significant savings for a down payment.
No Private Mortgage Insurance (PMI): Unlike conventional loans, VA loans generally do not require private mortgage insurance (PMI). This saves borrowers from the additional monthly cost of insurance premiums, reducing the overall financial burden of the loan.
Competitive Interest Rates: VA loans typically offer competitive interest rates compared to other loan programs. These lower rates can result in more affordable monthly payments and potentially save borrowers a significant amount of money over the life of the loan.
Flexible Qualification Criteria: VA loans often have more lenient qualification criteria compared to conventional loans. This can be particularly beneficial for veterans or active-duty service members who may have less established credit or a limited credit history.
Assistance in Avoiding Foreclosure: The VA offers support and assistance programs to help borrowers who are facing financial difficulties and are at risk of foreclosure. These programs aim to help veterans and their families retain their homes and navigate challenging financial situations.
These benefits, among others, make VA loans an excellent choice for eligible veterans and active-duty service members looking to achieve homeownership or refinance their existing mortgage.
VA Loan Restrictions
While VA loans offer numerous benefits, it’s essential to be aware of certain restrictions.
Funding Fee: VA loans may require a funding fee, which is a one-time upfront payment that helps fund the VA loan program. The funding fee can vary based on factors such as the loan type, down payment amount, and military service category.
Property Eligibility: VA loans can only be used for primary residences, meaning the home you intend to live in as your primary residence. Investment properties or vacation homes typically do not qualify for VA loans.
Loan Limits: VA loans have set loan limits, which may vary based on the county where the property is located. These limits determine the maximum amount that can be borrowed without a down payment. However, it’s important to note that it is still possible to secure a VA loan for an amount higher than the loan limit by providing a down payment for the difference.