VA Loan
- VA Loan:
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Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.
Here's how it works:
- 100% financing for purchases, no private mortgage insurance or 20% second mortgage.
- When purchasing a home, veterans may borrow up to 100% of the sales price or appraised value of the home, whichever is less.
- A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan amount is paid to the VA.
- When refinancing a home, veterans may borrow up to 90% (cash out)of appraised value. In some cases, a veteran may be able to borrow up to 100% (cash out) of the appraised value of the home.
- If you already have a VA loan at an interest rate higher than is available today, you may be qualified for a VA "Streamline" refinance. With no income or employment qualification and no appraisal, a veteran can refinance to a lower rate.
Contact us with your situation and let us qualify you today!
