The VA mortgage is one of the best and safest methods to use when buying a home — extending to the Army, Navy, Air Force, Marines, Reservists, and National Guardsmen.
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, and if you are a Disabled Veteran, you may qualify for additional benefits. The VA Home Mortgage Program does not limit the number of times a veteran may use the program.
The Veterans Benefit Act increased the VA loan limit to $510,400 for a loan with no money down, increased eligibility for Veterans and active duty personnel, and increased benefits for Disabled Veterans.
Qualify for up to $510,400 with nothing down. If the seller agrees to pay closing costs, you may be able to purchase the home with no out-of-pocket costs at all.
A funding fee of 0.5–3.3% is added into the loan amount, replacing the much higher-priced mortgage insurance of a conventional loan. Disabled Veterans may have the fee waived completely.
VA loans are assumable. If the person assuming the mortgage is a veteran with VA eligibility, the original veteran keeps the eligibility they used — investigate terms closely before allowing an assumption.
The VA does not use credit scoring in their analysis. A good payment record over the past year can qualify you even after past financial difficulties — a tremendous savings versus conventional pricing for lower scores.
VA mortgage loans have built-in features allowing a refinance to a lower rate without the criteria normally associated with a conventional loan — no credit checks, appraisal, or income and asset verification, and transaction costs can roll into the loan so there are no out-of-pocket costs.
Talk through eligibility, entitlement, and today's programs with our team.