A Wisconsin VA Home Loan is a loan made through a Wisconsin VA lenders that is guaranteed by the U.S Department of Veteran Affairs (VA) and is made to eligible veterans of the US military for the or refinance purchase of a home. The VA Guaranty protects the lender in the event of mortgage default.
On a Wisconsin VA loan no down payment is normally needed and the borrower will usually receive a lower interest rate compared to other available loans.
Other Benefits Of a VA Home Loan
1. Include Negotiable Interest Rate 2. Lower Closing Costs The Other Mortgage Types 3. Does Not Require PMI 4. No Prepayment Penalties On The Loan 5. If the home is sold the mortgage can be assumed by the buyer 6. Financial Counseling To Veterans Struggling Financially
Even though there is no PMI insurance on a Wisconsin VA Home Loan there is a funding fee for each loan that issues a guarantee to the lender. This funding fee can be paid by the buyer or seller of the home and can be paid in cash or rolled into the loan amount.
A VA mortgage can be used to purchase a home, construct a new home and even improve and existing home with energy saving upgrades like solar power appliances, energy efficient windows, doors and insulation. There are numerous other VA approved upgrades that are also approved by the VA and your lender should be able to tell you what these are.
State Veterans can apply for a Wisconsin VA loan with any Wisconsin VA mortgage lender that is approved to offer these Government backed loans. All borrowers must provide their certificate of eligibility to the Wisconsin VA lender that will be securing he loan for them.
If you have any questions regarding a VA Loan in Wisconsin please feel free to contact one of our friendly mortgage professionals who would be happy to answer any of the question you may have.
National Mortgage License # 252234
Mayfair Mortgage, Inc. 2222 N. Mayfair Rd. Milwaukee, WI 53226-2208
