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What is a Veterans VA Mortgage Home Loan?
VA Mortgage Home loans are one of the best mortgage products you could use for your residential property. Because the Federal Government insures the mortgage lender in case of default or unforeseen losses, mortgage lenders are willing to make loans on more favorable terms than other mortgage loan programs on the market.
Unlike conventional or traditional mortgage loans that require the homeowner to obtain additional insurance that protects the mortgage lender in case of default, also known as private mortgage insurance, VA loans do not require monthly mortgage insurance.
Unlike all other low-cost loan products, under VA mortgage loan guidelines you can finance up to 100% the value of your property.
When would a Veteran want to use a VA Loan?
If you are active or a retired veteran and have a credit score of 580 or better. VA Mortgage Loans offer some of the lowest interest rates available coupled with the highest loan to value, meaning you can finance up to 100% of the value of the home or sales price.
Due to the expanding financial market other loan programs may become available that may provide equal to or better lending terms based on your overall credit worthiness, income earnings. You can easily review all eligible lending options by comparing offers that analyze all options for you.
By completing our brief online Real Time Loan Quote we will calculate your monthly payments with all products and provide you with real numbers so you can make an educated decision.
VA Mortgage Home Loan Requirements:
Available Terms 30, 25, 20, 15 and 10 Year Fixed and Adjustable Rates
- * Primary, 2nd Home, or Investment Rate term Refi
- * Single, Condo, Manufactured, Multi-family
- * 0% Down Payment
- * 100% Financing for Purchase or Refinance
- * No Monthly Mortgage Insurance
- * Lower Rate & Better Terms
- * 580 Minimum Credit Score
Veteran Mortgage Home Loan Programs
VA loan programs offer borrowers mortgage financing for all types of loan request.
These programs are ideal for purchasing a home or refinancing an existing property to lower monthly payments, lower interest rates or access the equity in home with a VA cash-out mortgage refinance.
In addition, VA mortgages offer home improvement loans to make improvements to any home you are purchasing or refinancing.
VA Mortgage Loans, adhere to the underwriting guidelines authored by the Veterans Administration and endorsed by Ginnie Mae, Fannie Mae and Freddie Mac government sponsored enterprises. Most mortgage lenders and banks follow these underwriting guidelines to ensure that the loans are marketable and can be sold to other investors.
VA mortgage loans do not require private mortgage insurance but will have a VA funding fee if the applicant is not consider disabled by 10% or more. The VA funding fee is determined by the following variables: branch of military service, loan to value, amount of down payment, and subsequent use.
In most cases, VA mortgage rates will price lower than most all other loan programs.
Available Loan Types for Veterans
VA Loans for Purchasing a Home
VA Purchase Loans offer home-buyers the ability to purchase a home with as little as 5% of the purchase price for a down payment. To qualify under VA underwriting guidelines, borrowers must have a min. credit score of 580 and 2 years of verifiable income, unless previously retired or in college.
Benefits of VA Loans:
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No down payment, 100% financing
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Bankruptcy greater than 2 years ok
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No monthly mortgage insurance
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Easy qualifications and loan approvals
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Lower Interest Rates for low credit scores
VA Refinance to Lower Payment
Existing homeowners are offered the ability to lower their monthly mortgage payment by using a VA Rate and Term Refinance that can lower the existing interest rate or refinancing the current loan balance back to a full 30-year term. This will help homeowners who are looking for every option to lower their monthly bills.
Benefits of VA Loans:
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Lower your monthly mortgage payments
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Bankruptcy greater than 2 years ok
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Streamline Refi with no income and appraisal
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Save hundreds of dollars a month
VA Refinance for Cash Out
This is a great program for homeowner in need of cash for investments, to purchase another property, pay for college, home improvements or personal matters. A VA cash-out mortgage loan grants homeowners the ability to access the equity in their home at an interest rate far lower than personal loans and credit card debts.
Benefits of VA Loans:
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Lower Interest Rates for low credit scores
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Access the ability the equity in your home
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Borrow up to 100% the value of your home
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Easy qualifications and loan approvals
VA Refi for Debt Consolidation
A VA debt consolidation mortgage loan gives homeowners the ability to consolidate their high interest rate debts like credit cards, auto loans, and personal loans into one monthly payment. In many cases, the monthly savings realized by consolidating the debt affords homeowners the ability to pay their home off up to 40% faster.
Benefits of VA Loans:
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Lower Interest Rates for low credit scores
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Consolidate your bills
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Save hundreds of dollars a month
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Discover financial freedom
VA Home Improvement Loan
The Veterans Administration give active or retired military veterans the ability to include the cost of home improvements and repairs into the first mortgage loan.
Benefits of VA Loans:
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Remodel your home with low interest rates
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Borrow up to 100% the after value of your home
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Minimum credit score of 580
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Easy qualifications and loan approvals
VA Add-on Home Improvement
The home improvement and remodeling cost into one mortgage. These programs are available for both buying a home or refinancing an existing residential property.
Benefits of VA Loans:
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Upgrade your home
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Simplified home improvement loans
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Low interest rate home improvement loans
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Easy qualifications and loan approvals
VA Home Loan Limits (2023)
As of April, 2023 the max loan amount allowed for a standard area VA Loan limits for a One-Unit Home is $726,200, 2 Unit Home is $929,850, 3 Unit Home is $1,123,900 and 4 Unit Home is $1,396,800.
However, in high-cost areas, there are Jumbo VA Loan Limits based upon the specific area the property is located in. If the property is located in a USDA defined rural area it may be beneficial to consider the USDA Mortgage Loan Programs that offer 100% financing.
To check loan limits in your area, please give us a call and one of our licensed loan officers will be more than happy to assist and answer any questions you may have.