VA Mortgage Basics for Georgetown Buyers
A VA mortgage remains one of the strongest homebuying benefits available, and understanding the basics helps Georgetown buyers use it effectively.
Zero Down Payment
Eligible veterans and service members can purchase with no down payment, a significant advantage given Georgetown's above-average home prices compared to some neighboring cities.
No PMI
Unlike conventional loans with less than 20% down, VA loans don't require private mortgage insurance, saving a meaningful amount monthly.
The VA Funding Fee
Most VA borrowers pay a one-time funding fee, which can be rolled into the loan amount; some disabled veterans are exempt entirely.
Confirming Eligibility
A Certificate of Eligibility, obtainable through the VA or often through your lender, confirms entitlement before you start house hunting seriously.
Working With a VA-Experienced Lender
A lender who processes VA loans regularly understands residual income requirements and other VA-specific underwriting factors that a generalist lender might handle less smoothly.
Frequently Asked Questions
No — VA loans allow qualified borrowers to purchase with zero down payment, valuable given Georgetown's above-average home prices.
A one-time fee that helps fund the VA loan program in place of monthly PMI; it can be financed into the loan and is waivable for some disabled veterans.
