VA Loan

You can use VA home loans benefits to buy or refinance an existing home. This can be a single family residence, condo, townhome, a duplex, triplex, or fourplex. You can also obtain financing for manufactured homes that are attached to a permanent foundation and taxed as Real Estate. These properties must meet minimum property requirements for VA home loans which are easy to meet and quite standard.

VA endorsed home loans, or “VA loans”, are home loans borrowed with the guarantee, or backing, of the VA. They are NOT loans from the VA. VA home loans are brokered and funded through conventional financial institutions, with the knowledge that the VA guarantees a certain amount of all VA home loans against default. VA home loans must also conform to a series of VA loan guidelines set forth for the protection of veterans with VA home loans.

A VA Loan is one of the only loan programs that still allows the borrower to finance 100% of the home’s value and purchase with $0 down. Now more than ever banks are requiring large down payments for conventional loans. In many cases they require 10-20% down, putting home ownership out of reach for many prospective buyers

When refinancing a home, veterans may borrow up to 90% of reasonable value in order to refinance where state law allows.

A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan amount is paid to the VA.

Call 800-725-9902 to schedule a strategy session with a HomeĀ Mortgage Expert