VA Loans are made by lenders and guaranteed by the

U.S. Department of Veteran Affairs (VA) to eligible veterans for purchase or refinance of a home. The VA guaranty protects the lender against loss in case of

default by the borrower. In most cases, there is no down payment required for a VA loan.

Other benefits of a VA loan include:

• Fixed or Adjustable interest rate
• Closing costs may be paid by the seller
• Mortgage insurance is not required 
• Underwriting criteria generally more flexible than conventional loans
• Counseling and assistance is available to veteran borrowers having financial difficulty or facing default on their loan

Although mortgage insurance is not required, the VA charges a funding fee to issue the guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.

A VA loan can be used to buy, build or refinance a home. American Mortgage Service Company has Automatic Authority and LAPP approval from the VA, expediting the loan process for the veteran. A Certificate of Eligibility from the VA is required. We can assist the veteran applicant in obtaining his or her Certificate of Eligibility if needed.