VA Mortgage Loans

Memphis, TN - The Karlton Govan Lending Team

If you’re looking for a VA mortgage loan in Memphis, TN, you’ve come the right place!

The Benefits of a VA Loan

In 1944, President Roosevelt signed into law an arrangement that made it possible for veterans to get special benefits when it comes to buying a home. The provision had a few different lines of logic behind it.

First, it was a way of showing gratitude for people who sacrificed a “normal” life to defend the United States. It also made it so veterans would have an easier time readjusting to life back home.

This would benefit the economy in general as well because veterans’ economic well-being helps support the economy as a whole.

No Down Payment

Qualified applicants can avoid a down payment altogether. This is a huge benefit, and may be particularly attractive to people who have served in the military because during that time it may have been impossible to save up money for an adequate down payment.

However, if you do make a down payment, you can have lower VA fees. A conventional loan requires a down payment of at least 5% and an FHA loan requires one of at least 3.5%


PMI is a mortgage insurance premium you have to pay if the value of your home is at a certain level when compared to how much you are borrowing.

As the loan progresses, people typically can get rid of PMI, but with a VA loan, you don’t even have to worry about it at all.

Lower Closing Costs

The seller can literally pay your closing costs for you if you have a VA loan. Obviously, this doesn’t mean the seller will do that, but it could serve as a great way to make the deal close quicker.

With conventional loans, this isn’t an option; certain closing costs have to be covered by the buyer.

Overall, the program is designed to make things easier for vets. Even if a borrower has trouble repaying the money, they can get a foreclosure avoidance advocate to help them out. It’s the country’s way of saying a humble, “Thank you.”