VA Loans

Recognizing Our Heroes

The U.S. Department of Veterans Affairs (VA) has been helping Veterans obtain long –term financing for either Veterans, or their surviving spouses, for over six (6) decades. The basic intention of the VA home loan program is to supply home financing to eligible Veterans in areas where private financing is not generally available and to help Veterans purchase properties with no down payment.

The VA loan allows Veterans 103.15 percent financing (or reasonable value of the home, whichever is less) without having to incur mortgage insurance. A VA Funding Fee of 0-3.15% of the loan amount is sent to the VA; this fee may also be financed. Due to the fact that there is no mortgage insurance factored into the payment, Veterans can qualify for more home as more of the qualifying payment goes towards the home and not towards mortgage insurance. The VA Loans is a GREAT option for those that qualify.

Benefits of a VA Loan Made Simple

• No Down Payment:

  The VA Mortgage does not require a down payment when purchasing a home.

• No Mortgage Insurance:

  The VA Mortgage does not require an Up Front Mortgage Insurance Premium (UFMIP), a Monthly Mortgage Insurance (MI), or a Private Mortgage Insurance (PMI).

• More Lenient Guidelines:

  The VA Mortgage is less restrictive when it comes to qualifying for a mortgage. There is allowances for bumps and bruises to credit, income, and other special situations that need consideration.

• Financing Up to 103.15%:

  In certain situations the VA Mortgage allows for a Veteran to borrow up to 103.15% (or reasonable value of the home, whichever is the lesser amount).

• Streamlined VA Refinances:

  Many Veterans qualify for a refinance to a lower interest rate without the hassle of re-qualifying. This is called a Streamline Refinance.

The Simple Truth

If you qualify for a VA Mortgage than you should definitely consider it as an option you MUST explore. There are a number of benefits to a VA Mortgage that simply can’t be accomplished with conventional financing. The loans are much easier to qualify for, and allow you to get into a home for next to nothing out of pocket. The VA Mortgage is an extraordinary program, and if you qualify for a VA mortgage we strongly suggest you take a look at what it can do for you.