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Wisconsin VA Guaranteed Home Loans
The Wisconsin VA Guaranteed Home Loan option is the preferred mortgage program for active or non-active members of the military and their surviving spouses, including Reserve and National Guard.
With a VA Loan, you can purchase a home with no money down, and even have the seller pay all your closing costs. The Department of Veterans Affairs (VA) does not offer mortgages directly to home buyers.
A VA Home Loan can be used to purchase a property in Milwaukee with little or no money down, as well as to refinance into a lower interest rate through a VA streamlined IRRRL refinance with reduced paperwork and qualifying criteria.
About Wisconsin VA Guaranteed Home Loans
The purpose for the Wisconsin VA home loan program is to help eligible veterans and surviving spouses in Milwaukee finance the purchase of homes with competitively lower mortgage interest rates, closing costs and required down payment.
With regards to the Wisconsin VA Home Loan Program, the term “veteran” includes certain members of the Selected Reserve, active duty service personnel and certain categories of spouses.
Primary Benefits of the VA Mortgage Loans
- No PMI (Private Mortgage Insurance) premium required.
- No down payment as long as the sales price doesn’t exceed the appraised value.
- Closing costs may be paid by the seller.
- VA rules may limit the amount you can be charged for closing accounts.
- The lender cannot charge you a penalty fee if you pay the loan off early.
- You don’t have to be a first time homebuyer.
- You can reuse the benefit.
About The “Guarantee” Provided By The VA:
According to the Department of Veterans Affairs home loan website:
QUOTE:VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
What this basically means is that the VA is insuring the loan made by bank or mortgage lender to the VA Eligible borrower against default in the case of when the borrower is not able to continue making mortgage payments as agreed.
This “Guaranty” provided by the VA to mortgage lenders helps keep rates, closing costs and down payments lower as well.