VA Loans
The VA mortgage loans are one of the best and safest methods to use when buying a home. VA loans can help Veterans, service members and their surviving spouses buy a home or refinance a loan. If you are a Disabled Veteran, you may qualify for additional benefits on a VA home mortgage loan. The VA Home Mortgage Program does not limit the number of times a veteran may use the program.
The VA mortgage loans extend to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen.
Some of the benefits of this program include
- 100% financing available – no money down
- No monthly mortgage insurance is required
- Funding fee waived for those with VA disability
- Seller can pay all closing costs and some other costs, up to 4% of the appraised value
- It is easier to qualify for a VA Loan than a conventional loan
- VA loans are assumable
- Better terms and interest rates
- No prepayment penalty fee
You do not have to put any money down to qualify for a VA Home Mortgage Loan for up to $417,000. If the seller agrees to pay the closing costs, you may be able to purchase the home with hardly any out of pocket costs. We will need your discharge or separation papers in order to obtain your Certificate of Eligibility (COE) form. The COE indicates if you are eligible to apply for a VA loan.
Qualifying for a VA Mortgage Loan
The VA offers excellent qualifying standards. The VA does not use credit scoring in their analysis of the loan. Even if you have experienced some financial difficulties in your life that caused your scores to be low but have maintained a good payment record over the past year or so, you may qualify for a VA mortgage loan. This can be a tremendous savings compared to the cost of conventional loans when the borrower’s credit scores are low.
VA Mortgage Loans may be refinanced
VA mortgage loans have built in features allowing a loan to be refinanced to a lower interest rate without all of the criteria normally associated with a conventional loan. This is called an Interest Rate Reduction Loan; the veteran can secure a lower interest rate without any credit checks, appraisal, and income or asset verification and can roll the costs of the transaction into the loan so there are no out of pocket costs.