What are VA Home Loans?
A VA loan is a government-backed mortgage option available to Veterans, service members and surviving spouses. VA loans are made by private lenders, like mortgage companies and banks, and not the Department of Veterans Affairs. VA home loans offer competitive interest rates and terms and can be used to purchase a single-family home, condominium, multi-unit property, manufactured house or new construction loans.
GUIDELINES:
- Minimum 600 FICO score needed
- You served 90 consecutive days of active service during wartime.
- You served 181 days of active service during peacetime.
- You have 6 years of service in the National Guard or Reserves, or served 90 days (at least 30 of them consecutively) under Title 32 orders.
- You are the spouse of a service member who died while serving or due to a service-related disability.
- Standard VA loan limit is $726,200 but varies depending on county, city, and state.
- No Down Payment ( 100% Financing). If the home appraises higher than your purchase price you can finance your closing costs into the loan.
- VA Funding Fee for a 1st Time Buyer is 2.30% of the loan amount unless the Veteran is disabled at 70%, then the funding fee is $0.
- VA mortgage loans have no (PMI (monthly mortgage insurance).
- Seller concessions can be used to pay of the Veterans debt, origination + discount points, and all closing costs
Fill out the Apply Now or contact us button for more information. It takes just 5 minutes to get pre-approved pending documentation verification. Call, text, or email today for help!
410-301-0942