Chris Graves, Certified Mortgage Advisor

Providing Mortgage Services in MA, NH, ME, RI and FL

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Benefits Of VA Loans In MA

Veterans have use of VA loans offered by private lenders but guaranteed by the federal government. The guarantee insures mortgage companies from loss up to a specific amount if a borrower defaults on the loan. Because of this guarantee, lenders are able to extend veterans options not easily found in other financing. The following is an overview of the benefits of VA loans in MA.

Benefits Of VA Loans In MA

The best features of VA loans are the options for no money down and no mortgage insurance. Veterans can finance the full price of a property being purchased, if the appraisal is sufficient and the particular lender does not require otherwise. VA loans also allow veterans to purchase a home by removing the added cost of mortgage insurance, which is typically included in loans with less than twenty percent down. Other important benefits are…

  • Similar closing costs to other types of loans.
  • VA mortgages are assumable.
  • No pre-payment penalty.
  • Ability to roll in or reduce the VA funding fee for the home loan.

Qualifying for VA Loans

To qualify for a VA mortgage, veterans must fit a few criteria. The first set involves their service – war served, type of service, and length of time served. The second set involves the normal credit report and financial requirements by mortgage companies. Veterans can contact any lender offering VA mortgages to determine eligibility and obtain a pre-approval.

With a pre-approval in hand, buyers can then begin touring properties within their price range. Once a home is identified, an offer should be submitted contingent on approval for VA financing. With a contract to purchase, buyers will then formally apply for a loan and lock in an interest rate. Once the application is approved, a closing can take place. After closing, the VA is notified. Veterans may only maintain one current VA mortgage at any given time.

This blog is merely an introduction to the benefits of VA loans in MA. For more information on this program, contact Christopher Graves at Emery Federal Credit Union via phone at 781-759-1200 x22 or email christopher.d.graves@gmail.com.

Chris Graves's avatar

Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.