VA Loans

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 mortgage loans extend to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen.

The Veterans Benefit Act, signed recently increased the VA loan limit to $510,400 for a loan with no money down. It also increased the eligibility for Veterans and active duty personnel and increased the benefits to Disabled Veterans.

Some of the benefits of the VA Mortgage Loan Program are:

  • The VA Mortgage Loans is guaranteed for no money down up to $510,400, however in 2021 you can now apply for a VA Mortgage Loan surpassing this limit if it is your first use. Many lenders will allow up to $1M or 1.5M loan amounts if you qualify!
  • NO PMI!
  • It is easier to qualify for a VA Loan than a conventional loan
  • VA Mortgage Loans can be refinanced
  • In some situations, it is possible to have more than one VA loan at a time.
  • VA loans typically have the lowest interest rates out of any loan option in the industry. This is just one of the ways we strive to say THANK YOU to our veterans who have served our country.

The VA Funding Fee

The Veterans Administration assesses a Funding Fee to all VA loans between .5% and 3%. In an FHA mortgage the customer must put at least 3.5% of the loan amount. 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 a conventional home loan. If you are a Disabled Veteran, you may qualify to get the fee waived completely.

VA Mortgage Loans may be refinanced

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.