WHY SHOULD I GET A VA HOME LOAN?

There are several reasons why a VA loan may be preferable to a standard loan. Most importantly, if you qualify, you may obtain a VA loan even if other loans were unobtainable. There also may be no down payment required for a VA loan, depending on the lender. VA loans tend to have lower interest rates than conventional loans, and you can often negotiate the interest rate with the lender.

There are no mortgage insurance premiums on VA loans, and they do allow for an assumable mortgage. Closing costs for purchasing a home can be lower than other forms of financing, and prepaying your mortgage holds no penalty. In addition, VA assistance is available to those who qualify if temporary financial difficulty occurs.

BENEFITS OF VETERAN HOME LOANS

• There is zero down payment required when purchasing a home.
• If you have bad credit, but have been improving your credit history for the past year, you can get the same low interest rates for veteran home loans that are available to those with great credit.
• Even with a Loan-to-Value of 100%, there is no monthly Mortgage Insurance required for a VA home loan.
• The VA mortgage loan is guaranteed with no money down for any loan up to $359,650.
• VA mortgage loans are often assumable.
• VA has released a hybrid ARM product. Veterans now have a choice of a Fixed rate or an Adjustable rate VA mortgage.

ARE THERE ANY FEES FOR A VA MORTGAGE LOAN?

There is a Funding Fee required by the Department of Veteran Affairs, that varies between 0-3.3% of the amount of the military loan depending on your current Veteran Status. The funding fee is added into the total loan amount, so the borrower is not required to pay this out of pocket. To determine the exact funding fee, see the funding fee chart.

Benefits for disabled veterans dictate that if you are 10% or more disabled due to active military service, you will not be required to pay a funding fee. Those which are required to have a funding fee may lower their fee by putting money down on their VA home purchase.

WHAT YOU WILL NEED TO GET A VA LOAN

You will need a certificate of eligibility to qualify. Whether you are a first time user or you have used your eligibility in the past, you must have your certificate. A certificate can be mailed directly to you if you fill out this short form .

Pre-qualify for a VA home purchase

HOW MUCH MOENY CAN I BORROW?

The VA does not put a cap on how much money you can borrow. This determination is up to the lender, typically a bank, savings and loans, or mortgage companies. The basic entitlement of a VA loan is $36,000, but some loans are eligible for $60,000 if they are over $144,000. Fill out our form or call us today to find out if you qualify.

VA LOAN SPECIALIST

If you have questions or if you want to determine if a Veteran Home Loan is actually the best financial decision for you, you may get advice from a VA mortgage specialist online or call 800-405-6682 .

Read more about the Veterans Benefit Act of 2004.

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