Loans (US)
How to apply for the GoVA Loans?
Learn how the GoVA Loans application works. Prequalifying for free might be worth considering if you are part of the military community.
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by Aline Augusto
GoVA Loans application: get a free quote
GoVA Loans focuses on helping the military finance their homes with the best loans. It offers great deals on loans and partners who can help them build or improve their houses.
Also, it provides a 100% Cash Out Refi Program for several purposes, including home improvement, debt consolidation, retirement, and wealth diversification.
Although it doesn’t disclose the range of costs, amounts, and terms, the company offers lower rates than the average mortgages, no down payments on most purchases, and less-than-perfect credit are acceptable.
Therefore, a home loan through GoVA Loans might be worth considering if you are part of the military community.
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Online Application Process
Before applying for a loan at GoVa Loans website, you must prequalify to check your rates.
Prequalification to get a quote is easy and fast. Also, it is free.
You must provide your personal information and contact and need to choose your military status, which means you must select whether you are active, retired veteran, reserve, or National Guard.
Application Process using the app
Unfortunately, there is no mobile app available at this time. You must access the website to fill up the prequalification forms.
GoVA Loans vs. FHA Loans
GoVA Loans only attends the military community, including veterans, National Guard, reserves, and even eligible surviving spouses.
In case you are not part of the community, you should take a look at the FHA loans. The Federal Housing Administration focuses on helping people with bad credit to buy their first home.
The program’s goal is to increase homeownership in the U.S. by offering an accessible and affordable mortgage program.
Check out the summary below!
GoVA Loans | FHA Loans | |
APR | Not disclosed | It depends on the lender’s offers |
Loan Purpose | Home finance and refinance | Mortgage |
Loan Amounts | Not disclosed | From $420,860 to $970,800(it can vary according to the county) |
Credit Needed | Less-than-perfect credit is acceptable | Poor |
Terms | Not disclosed | It depends on the lender’s offers |
Origination Fee | Not disclosed | It depends on the lender’s offers |
Late Fee | Not disclosed | It depends on the lender’s offers |
Early Payoff Penalty | Not disclosed | It depends on the lender’s offers |
Now, learn how the FHA Loans application works.
How to apply for FHA loans?
An excellent option for those with a poor credit score who are planning to buy their first dream home, learn how to apply for FHA loans!
Aline Augusto
Aline Barbosa
Senior Editor
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