We want to make it easy for your to get your VA Home Loan!

Since 1944, VA home loan guarantees have been used to buy more than thirteen million homes. The VA does not make the loan – they guarantee the loan, which minimizes risk to the lender and reduces their loss in the event of foreclosure.

A VA loan can be used to purchase an existing home (house, condo or townhouse) OR one under construction. A VA loan can also be used to refinance an existing mortgage.

VA no longer establishes a maximum interest rate. Rather, VA loans are guaranteed at an interest rate agreed upon by the buyer and the lender.  Discount points, which are used to buy down an interest rate, are negotiable and may be paid by the buyer or seller. Please stay current with your research as time is of the essence, ensuring a successful & smooth relocation for you and your family.

There are no restrictions on the number of times one may obtain a VA home loan. There must be, however, enough entitlement to obtain the loan. Once the home has been sold and the loan paid off, or assumed by a qualified borrower, the veteran can then apply for his/her full entitlement to be restored.

You may also have multiple homes using VA loans simultaneously.   And, depending on circumstances, the seller can pay off remaining loan to qualify you for a new one.

U.S. Congress makes BIG Changes for Veterans. Now it’s even easier for Veterans to buy their own home, the one they’ve always dreamed about!  Congress and the President have recently passed legislation increasing the guaranteed and maximum loan to: $417,000.

VA LOAN DETAILS

The Program:

The VA does not make loans!  The VA guarantees the loans.

 Interest Rate and Discount Points:

Negotiable between the buyer and the lender.  Points may be paid by either the buyer or the seller.

 Maximum Loan Amount:

$417,000 excluding VA funding fee.  The funding fee is on a sliding scale, determined on usage or eligibility and if any down payment is made.

 Down Payment Requirements:

There is no down payment required for a VA loan. The Veteran  may finance 100% of the purchase price and the funding fee, up to $417,000.

 Closing Costs and Prepays:

The seller may pay the buyer’s closing costs and normal discount points.  Other contributions are limited to 4% of the sales price.

Qualification:

Up to 41% of verifiable income may be used for PITI and other long-term debts and obligations.  Residual income is also examined by your lender’s underwriters.

VA  “NO-NO”

No Down Payment:

The Veteran can borrow 100% of the purchase up to $417,000.  Your income and debt will determine the exact amount. The price, and the funding fee do not impact your loan amount!

No Closing Costs:

The seller may contribute all the closing costs and prepays.

VA Fees

For purchase and construction loans, members of the regular military fall into the category of first time user or subsequent user. For first time users, no down payment requires a 2.15% fee, down payment of at least 5 percent but less than 10 percent requires a 1.5% fee, and down payment of 10% or more requires a 1.25% fee. For subsequent users, no down payment requires a 3.3% fee, down payment of at least 5 percent but less than 10 percent requires a 1.5% fee, and down payment of 10% or more requires a 1.25% fee. Thisfee is normally added to your loan, but can be paid at closing. This fee cannot be paid by the seller!