Yes, Fannie Mae Does Offer VA Loans
If you're wondering whether Fannie Mae does VA loans, the answer is a resounding "yes." Fannie Mae, the government-sponsored enterprise (GSE), offers several home loan programs, including VA loans. The VA loan program was established by the US Department of Veterans Affairs and is available to eligible veterans, active-duty military members, and surviving spouses.
VA Loan Eligibility Requirements
To qualify for a VA loan, you must meet certain eligibility criteria, such as having a valid Certificate of Eligibility (COE) from the VA. You must also meet the VA's minimum service requirements, which vary depending on when and how you served. For example, if you served during peacetime, you must have completed at least 181 days of continuous active duty. If you served during wartime, you must have completed at least 90 days of active duty.
Fannie Mae's VA Loan Program
Fannie Mae's VA loan program is designed to help veterans and active-duty military members buy homes with little or no down payment and competitive interest rates. In some cases, Fannie Mae may even allow borrowers to finance their closing costs and prepaid expenses. Additionally, Fannie Mae's VA loan program allows borrowers to refinance their existing VA loans to lower their interest rates or convert their adjustable-rate mortgages (ARMs) to fixed-rate mortgages.
Benefits of Fannie Mae's VA Loan Program
One of the biggest advantages of Fannie Mae's VA loan program is that it offers flexible underwriting guidelines. This means that even if you have less-than-perfect credit or limited income, you may still be able to qualify for a VA loan through Fannie Mae. Additionally, Fannie Mae's VA loan program doesn't require borrowers to pay private mortgage insurance (PMI), which can save borrowers hundreds or even thousands of dollars over the life of their loans.
Working with a Lender
To apply for a VA loan through Fannie Mae, you'll need to work with an approved lender who participates in Fannie Mae's VA loan program. Your lender will help you determine whether you meet the eligibility requirements for a VA loan and guide you through the application process.
At Mortgage Brokers Pro , we offer a wide range of loan programs, including VA loans through Fannie Mae. Our experienced loan officers can help you find the right loan for your needs and guide you through the application process from start to finish. Contact us today to learn more about our VA loan programs and how we can help you achieve your homeownership goals.
Conclusion
In conclusion, Fannie Mae does offer VA loans, and this can be a great option for eligible veterans and active-duty military members who are looking to buy or refinance a home. With flexible underwriting guidelines, competitive interest rates, and no PMI requirements, Fannie Mae's VA loan program can make homeownership more affordable and accessible for those who have served our country. If you're interested in learning more about Fannie Mae's VA loan programs, contact Mortgage Brokers Pro to speak with one of our knowledgeable loan officers today.