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The VA mortgage loans are one of the best and safest methods to use when buying a home. Now even active duty personnel can qualify. 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 Offers Loans up to the Conventional Loan Limit and also offers VA Jumbo Mortgages for higher priced homes
The VA mortgage loans extend to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen.
Most people getting a VA loan are going to have what’s referred to as full entitlement. If you have full entitlement, as of 2020, you don’t have a loan limit. The VA will guarantee 25% of whatever a lender is willing to approve you for.
You have full entitlement under any of the following four scenarios:
You do not have to put any money down to qualify for a VA Home Mortgage Loan. If the seller agrees to pay the closing costs, you may be able to purchase the home with no out of pocket costs. The loan and sales contract can be set up so that the VA Home Mortgage Loan cover 100% of the selling price and the seller covers the closing cost.
The Veterans Administration assesses a Funding Fee to all VA loans between .5% and 3. The fee is added into the amount of the loan to be paid over the life of your VA home mortgage loan. The VA Funding Fee replaces the much higher priced Mortgage Insurance required when you get an FHA or conventional home loan. If you are a Disabled Veteran, you may qualify to get the fee waived completely.
Our VA construction loans feature:
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 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.