November is truly a month of gratitude. Not only do the holidays start inching nearer with Thanksgiving at the forefront, but we also celebrate our nation’s heroes on Veterans Day. 

Cambria Mortgage recognizes it is a great honor and privilege to serve those who have served our country. Though it will never suffice in return for what we’ve received from our Veterans, we are proud to specialize in VA loans and offer exclusive savings to Veterans at closing. 

Are you a Veteran? Read on to learn more about the benefits you’re entitled to, and of course…  Thank you for your service!

What is a VA loan?
The VA loan is one of the most powerful lending programs available and is reserved exclusively for Veterans, Reservists and Active Duty Personnel along with their eligible spouses. Backed by the U.S. Department of Veterans Affairs (VA), the VA home loan program is designed to make homeownership easy and affordable. 

This program can be used for the purchase of a primary residence such as a single-family home, loft or condominium. If you do a cash-out refinance on an existing VA or non-VA mortgage, you can use the proceeds for any purpose, including improving a primary residence. The VA loan program offers many exclusive benefits, low closing costs, competitive interest rates and more.

Who is eligible for a VA loan?
To qualify for a VA home loan, an individual must meet at least one of the following criteria:

• Served 90 consecutive days of active service during wartime
• Served 181 days of active service during peacetime
• Served more than six years in the National Guard or Reserves
• Be a spouse of a service member who died in the line of duty or as the result of a service-related disability

What are the specific benefits of a VA loan?
One of the greatest benefits of the VA home loan program is that it doesn’t require a down payment, allowing many individuals the opportunity to purchase homes when they normally couldn’t under a traditional mortgage. This loan program also does not require private mortgage insurance. Limited closing costs and gift funds are also acceptable for closing costs. Here are a few more benefits:

• No cash reserve requirements
• A variety of terms, loan types and purposes available
• Reduced costs for disabled veterans
• Seller can pay for closing costs
• Seller pays for any required repairs
• No pre-payment penalty

Are you looking to take advantage of a VA loan? Our team can help you obtain a certificate of eligibility from the U.S. Department of Veterans Affairs and determine whether this program is right for you. Once you’ve received a quote, we’ll explain your loan limit, loan terms and other key factors, answer any questions and help you make the right decision. As a special thank you, Cambria Mortgage will also waive the $450 appraisal fee* presented as a lender credit at closing. Get in touch with us today, we are honored to assist you: 952-942-0110 / www.CambriaMortgage.com.

*Appraisal Fee may vary. Cambria Mortgage will provide $450 as a lender credit and the remaining balance is to be paid by the borrower. Equal Housing Lender, Equal Opportunity Employer, Cambria Mortgage NMLS# 322798. These products and interest rates are subject to change at any time due to changing market conditions. Actual rates available to you may vary based upon a number of factors including your credit rating, size of down payment and amount of documentation provided. Lending services may be provided in certain states by Cambria Mortgage. This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. The information here may not be up-to-date and may no longer be accurate. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report.