Welcome to Southern Elite Mortgage, where we honor the service of our veterans and active-duty military members by helping them achieve their homeownership dreams. A VA mortgage is a special loan program designed to provide affordable home financing to eligible veterans, active-duty service members, and certain members of the National Guard and Reserves.
What is a VA Mortgage?
A VA mortgage is a home loan guaranteed by the U.S. Department of Veterans Affairs (VA). This guarantee allows lenders to offer favorable terms and benefits to eligible borrowers, including no down payment options and competitive interest rates.
Who Should Consider a VA Mortgage?
VA mortgages are ideal for:
No Down Payment: One of the most significant advantages of a VA loan is that you can buy a home with zero down payment, making homeownership more accessible.
No Private Mortgage Insurance (PMI): Unlike many other loan types, VA loans do not require PMI, which can save you a significant amount of money each month.
Competitive Interest Rates: VA loans often come with lower interest rates compared to conventional loans, helping you save over the life of the loan.
Flexible Credit Requirements: VA loans are more lenient with credit scores and financial history, making it easier for you to qualify.
Limited Closing Costs: The VA sets limits on the amount you can be charged for closing costs, helping to reduce your out-of-pocket expenses.
Assumable Loans: VA loans are assumable, which means that if you sell your home, the buyer can take over your loan, potentially making your home more attractive to buyers.
To qualify for a VA mortgage, you generally need:
Southern Elite Mortgage LLC, NMLS# 2581600 (www.nmlsconsumeraccess.org). Southern Elite Mortgage LLC is licensed in Virginia as a mortgage broker under license number MC-7881. This is not an offer for the extension of credit or a commitment to lend. Some restrictions apply. Not all applicants will qualify for financing. Southern Elite Mortgage LLC is an equal housing opportunity mortgage broker.
804-293-2425
