VA Loans
Veterans home purchase or refinance with minimum Fico of 550.
VA Mortgage Option
For all those who are serving or have served and for the families who have supported, we thank you greatly for your sacrifice and your service! We are proud to serve your mortgage needs.
What is A VA Loan?
The VA Loan became known in 1944 through the original Servicemen’s Readjustment Act also known as the GI Bill of Rights, and provides veterans with a federally guaranteed home loan with no down payment. The VA loan available to qualifiable active and retired military, and their surviving spouses.
What You’ll Need to Qualify:
- A Certificate of Eligibility.
- The VA will issue you a Certificate of Eligibility if you meet their guidelines for type and length of service.
- If you don’t have one already, we can apply for your Certificate of Eligibility for you.
- A debt-to-income ratio (DTI) of no more than 60%. Estimate your DTI by adding your monthly debt payments (such as credit card and car payments) and dividing the total by your monthly income before taxes.
- A copy of your DD-214
What is the VA Funding Fee?
The VA funding fee is a one-time payment that the Veteran, service member, or survivor pays on a VA-backed or VA direct home loan. This fee helps to lower the cost of the loan for U.S. taxpayers since the VA home loan program doesn’t require down payments or monthly mortgage insurance. This can possibly be rolled into your loan. In addition, the fee may not be required if:
- You have a 10% or more service-connected disability.
- You receive VA disability or have in the past.
- You’re a surviving spouse who qualifies.
VA Loan Benefits:
- You may not need a down payment.
- You can qualify with a lower credit score and more debt compared to conventional loans.
- You won’t need to pay mortgage insurance.
- You can use your VA loan benefit more than once – if you sell your home or pay off your mortgage, you can get another VA loan.
Refinancing with a VA loan has some great benefits, too:
- If you currently have a VA loan, you can refinance up to 100% of your home’s value to get cash out.
- If you currently have a VA loan and don’t need cash out, you may be able to refinance up to 120% of your home’s value.
VA Property Requirements:
- You or a spouse must move into the home within 60 days. There are exceptions to this, including deployment.
- It must be your primary residence, not a vacation home or income property.
Disclaimer: Mortgage options are funded by 3rd party Lenders, and all underwriting requirements are based on 3rd party Lenders and Investors. Guidelines and mortgage options requirements and are subject to change. This is not a promise or commitment for a mortgage loan. Mortgage loan options may not be available in all States. For full licensing information, go to: www.nmlsconsumeraccess.org.
