Quicken Loans announced today that they now offer VA Loans. Veterans Assistance Loans with Quicken Loans are for 30 year fixed rate and 15 year fixed rate products.
We think a quality loan originator like Quicken Loans offering the VA Program will be a big benefit for veterans and active duty service members. Quicken Loans is an independent mortgage originator. (They are not a part of Intuit, but license the Quicken name.) Since they just focus on Home Loans, they will surely make the process of getting a VA Loan easier than it has traditionally been.
Below is the information they released about their new program.
What are VA Loans?
The VA (Department of Veterans Affairs) doesn’t actually offer loans. It simply insures loans that are written by banks and mortgage companies. Since the end of World War II more than 14 million veterans and military members have bought homes with the aid of VA loans with no-down payment requirement for most loans. This is a huge benefit and allows many more home buyers – especially in difficult housing and financial markets – to afford a home.
What are the benefits of a VA Loan?
· 100% financing, no down payment loans are common.