VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans. Baseline Mortgage, LLC is a VA approved lender located in Hillsboro and serving surrounding areas including Portland, and all of Oregon.
What is a VA Loan?
Although mortgage insurance is not required, the VA charges a funding fee to issue a 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 a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.
Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan.
Benefits of VA Loans
- Negotiable interest rates.
- Closing costs are comparable and sometimes lower – than other financing types.
- No private mortgage insurance requirement.
- Right to prepay loan without penalties
- The Mortgage can be taken over (or assumed) by the buyer when a home is sold.
- Counselling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.
VA Loan Eligibility
VA Loans are available to active duty military, veterans, reservists and military spouses.
VA Loan Limits
Different counties have different limits on how much you can borrow for an VA Loan.
Get Pre-Approved for a VA Loan
If you are a veteran in Hillsboro, Portland, or anywhere in Oregon, contact Baseline Mortgage, LLC at (503) 422-6013 for more information, or simply fill out the form on this page.