VA Loans
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What is a VA Home Loan?
A VA home loan is a great benefit to military personnel during and after their service. We understand the importance of a “home base” for military and their families and is proud to be able to help active and retired military use this product to meet their unique needs.
advantages
No down payment
Higher loan value
No private mortgage insurance
Limit on closing costs
Option for seller to pay closing costs
No penalty fee for early payoffs
Possible VA assistance if you have difficulty with payments
Loan Features
No Lender Fee's
No PMI
Credit Score Down to 580
Who is Eligible?
To obtain a VA home loan, an applicant must obtain a Certificate of Eligibility.
Once certified, an applicant can apply to use the guaranty on these financing and refinancing opportunities:
Purchase or build a residence
Purchase a condominium or duplex
Purchase and improve a residence
Purchase a manufactured home/lot
Refinance an existing home loan
Install energy improvements
Qualified service members are those that have received a discharge other than dishonorable from an eligible branch of the service, including the U.S. Army, Navy, Air Force, Marines, Coast Guard, Nat. Guard and Reserve and US. Military academies. They also meet the service requirements charted below.
There is a VA Loan to Fit Your Needs
VA Fixed Rate Home Loans
A 30-year fixed rate option gives you a stable, predictable monthly payment. These loans are great for people settling down in one house over a long period of time. They give deployed soldiers a warm place to come home.
A 15-year fixed-rate option could help current service members who would like to build equity more quickly. You pay more monthly, but this pace builds more equity in your home.
VA Adjustable-Rate Mortgages
The flexibility of an adjustable rate mortgage can be appealing to current military service members expecting to move in the next few years. ARM homeowners pay a low introductory interest rate for the first few years, then move or refinance before it adjusts upward.
VA Jumbo Home Loan
The VA will guarantee a maximum of 25% on your home loan up to the conforming loan limit of $484,350. For a loan greater than that amount a VA Jumbo Loan is needed. With a VA Jumbo Loan you can apply for a home up to $1,000,000 and will only need a down payment of 25% on the difference between $484,350 and the asking price of the home.
For example, you want to purchase a home that costs $550,000. You would be required to pay 25% down on the amount over $484,350.
$550,000 - $484,350 = $65,650. Then $65,650 x 25% = $16,412. This would be your down payment. This payment is still considerably lower than the 10% traditionally required for jumbo loans.
Cash-Out Refinance Loans
A cash-out refinance helps you handle big-ticket items – college, health expenses or debt, for example. Effectively, you pay off the remaining balance and take out a new loan for the appraised value of the house. Much of the difference goes into your pocket as cash.
Interest Rate Reduction Refinance Loan (IRRRL)
An Interest Rate Reduction Refinance Loan (IRRRL) helps service members refinance at a lower interest rate. Refinancing can help lower your monthly payment, change your term or turn an ARM into a fixed rate. Other advantages include:
No appraisal or credit underwriting
No Income and/or asset verification
No out-of-pocket expenses
Rolling all costs into the new loan
No new Certificate of Eligibility - just validation of loan