VA LOANS - A GOOD Zero Down DEAL FOR VETERANS

VA Loans

VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

Other benefits of a VA loan include:

• LOW interest rate.
• Closing costs are usually lower - than other financing types.
• No private mortgage insurance requirement (PMI).
• NO prepayment penalties
• Maximum 4% seller concession allowed.
• Full 4% seller concessions can be used to payoff veterans debts to qualify.
• Mortgage can be assumed by the buyer when a home is sold.
• Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.
• Maximum (zero down) VA loan has increased to match conforming loans limits!

• VA FastTrack Refinace: No Credit Check, No Appraisal, No Income Verification, No Underwriting

Mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid at closing by the buyer or seller, or it may be financed in the loan amount. A VA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, insulation, weather-stripping/ caulking, water heaters, storm windows and doors or other energy efficient improvements approved by the lender and the VA.

Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan. The veteran must have been discharged honorably and have a DD214 from. No worries if you don't have your DD214, we can order it for you!

How can you qualify for a VA home loan mortgage?

First things first, you need to be sure that you are a qualified veteran. You must not only have an eligible veteran status but also you must have a loan entitlement available to you. If you haven’t used your VA loan eligibility before, you should have full entitlement.

If you apply for and are approved for a VA home loan mortgage, you must be planning on living in the home full time. VA home loan mortgages cannot be used for a vacation home or an investment property. While it's important to recognize that credit, income and debt to income ratios must fall within a certain level, VA loans generally are not as strict as other loan programs. Members of the National Guard and Reservists who meet certain criteria are able to qualify for a VA home loan mortgage. Spouses of service men and women who died as a result of service as long as they have not re-married may also be eligible for a VA loan.

We are sensitive to the needs of our American Veterans. But before you get a VA loan, you will need a Certificate of Eligibility, and your DD-214. If you do not have one, or cannot find it, you must contact the VA to get one or we can get it for you!