VA Loans Simplified
Start saving today! Call 866-687-0304 toll free or apply online to discuss the benefits of a VA Home Loan or VA Streamline Refinance with a VA Loan Specialist.
VA Loan Benefits
For most veterans VA loans present several advantages over conventional mortgages. Below are some of the key benefits of the VA loan program.
- Guaranteed by the government. Both VA Home Loan and VA Streamline Refinance mortgages are guaranteed by the U.S. Department of Veteran Affairs.
- Borrow up to the VA loan limit of $417,000 with zero down. VA loans above $417,000 are allowed with a down payment.
- No closing costs. Seller allowed to pay reasonable closing fees. Most veterans close without out-of-pocket costs.
- Lower VA mortgage payments. No monthly Private Mortgage Insurance (PMI) required and VA mortage rates are among the lowest possible for veterans and active duty personnel.
- Poor credit accepted. The VA Home Loan and VA Streamline Refinance programs are more flexible with relaxed requirements on credit scores, bankruptcies, foreclosures, and collections.
Why choose a VA Loan?
VA loans allow veterans and active duty personnel of the United States military to easily qualify and close on a mortgage with less specific requirements of a conventional mortgage. VA Loans give those eligible the opportunity to purchase or to refinance a their home with less restrictions on down payments, closing costs and private mortgage insurance.
VA Loan Funding Fees
There are VA Funding fees that the buyer must pay in order to receive a VA Home Loan, VA Streamline Refinance or VA Cash Out Refinance Loan. A funding fee between 0.0 to 3.3% of the loan amount is paid to the VA and can be financed.
Are VA Loans available for all Veterans, Active Duty and Reserve Personnel?
Yes, all veterans and active duty personnel of the United States military should choose a VA loan to purchase or refinance their home. The VA loan program allows those eligible to have 100% financing without using a restrictive conventional mortgage. Limits apply for a second VA mortgage.
Borrowing Limits for VA Loans
If purchasing a new home, a buyer using a VA Home Loan can borrow up to 100% of the sales price or the reasonable value of the home. With a VA Streamline Refinance, eligible applicants can borrow up to 90% of the reasonable value of the home, state laws allowing. If refinancing with a VA Streamline Refinance for a second mortgage, eligible applicants can borrow up to 20% of the reasonable value of the home, state laws allowing.
VA Loan Limitations
Currently, since January 1st, 2006, the maximum amount that can be borrowed using a VA loan without a down payment is $417,000. However, this value can change due to housing areas with higher values and can rise to as high as $625,000. The VA also allows the seller to pay all of the military veteran’s closing costs as long as these costs do not exceed 4% of the total sales price of the new home being purchased.
