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What is a VA loan? & VA financing tips

Purpose Funding is proud to offer the best options to our American Hero’s- VA loans for Veterans Helping Veterans! Our VA loan can help you acquire your home with no money down, cash out up to 100% of your equity, or drop your payments with no appraisal or income qualifications. With no closing costs and nothing added to your loan options!

What is a VA loan?

A VA loan is a mortgage loan in the United states that is guaranteed by the United States Department of Veterans Affairs (VA). This program is offered to American Veterans, Military member who are currently serving in the U.S military, reservists and select surviving spouses- to be used in purchasing single-family homes, condominiums, multi-unit properties, manufactured homes, and new construction.

Benefits include-

  • No Money Down
  • Lower Monthly Payments
  • Easy to Qualify

Our VA loan tips and checklist-

  1. Meet with a Purpose Funding team member
  2. Make a plan that is right for you. Determine what your ability to afford the monthly VA loan payment options are.
  3. Understand the advantages of VA loans with Purpose Funding!
  4. First time homebuyer? Determine what you would like for your first home. For example, size, location, featured, etc.
  5. Decide if you would like a 15-year or a 30-year VA mortgage payment. For more information on the difference of a 15-year and 30-year mortgage click here!
  6. Prepare your paperwork. Be sure to have important documents like your personal contact information, primary borrower details, social security number, employment information, income, assets, debts, and monthly debt payments to expedite the process.
  7. Get your VA loan pre-approval!

Get a quick quote online today with Purpose Funding, click here! Or give us a call at (844) 427-3863

 

What you need to know about FHA loans?

Did you know that you can qualify for a home loan even if your credit score hangs out in the 500 range?

Purpose Funding can help you with FHA home loans! Acquire your home with little to nothing down, or use our FHA Loan to cash out for debt consolidation and home improvements. You could also drop your payments with no appraisal or income qualifications. No closing costs and nothing added to your loan!

Here are some helpful tips to keep in mind-

  1. Know your credit score – It is important to know your score in this process to determine where you stand.
  2. Get your closing costs covered – With Purpose Funding there is no need to worry about closing costs. We got you covered!
  3. Purpose Funding is FHA Approved – Did you know FHA is not a lender, but rather an insurer, borrowers need to get their loan through an FHA-approved lender. We are FHA approved!
  4. Borrow cash for repairs – Need extra cash to make repairs on your home? Use the FHA Loan to cash out for home improvements.
  5. Give us a call! – Learn more about FHA loans and how Purpose Funding can help you. Give us a call toll free at (844) 427-3863