We love our country and those that protect it. We're giving a $1,000 credit at closing to any active or retired military personnel as our way of saying THANKS!
VA loans are Government-backed mortgages available to most Veterans, Service members and surviving spouses. They're arguably the most powerful loan option on the market. It's the Government's way of saying "thanks for your service!" They come with a list of big-time benefits, including $0 down payment, no "official monthly PMI", flexible and forgiving credit guidelines and the industry’s lowest average fixed interest rates. Did we mention the extremely attractive refinance options as well?
Here's how our home loan process works:
In most cases, VA loans are the right choice, especially if our Vet has little to no down payment. It's an awesome choice for a disabled Veteran, as you'll read about below. However, in some cases, we've found that conventional loans can be a viable alternative. A major determinant in the analysis is the one-time VA Funding Fee.
This one-time fee goes directly to the VA to support the program and is essentially their version of PMI. It's paid as a percentage of the loan amount, and can be financed into the loan, instead of being paid out of pocket. The fee varies by down payment and whether you're a 1st time user of the benefit. For example, for 1st time users with zero down payment, the funding fee is typically 2.15%. For subsequent users of the benefit with zero down payment, the fee swells to 3.3%! With only 5% down, the funding fee drops in both scenarios to 1.5%. This can provide huge savings….
The VA exempts some Veterans and surviving spouses from the funding fee altogether. For our Disabled Vets who are rated at least 10% for a service-connected disability, or for eligible surviving spouses, the VA funding fee is waived. The VA makes determinations about funding fee exemptions.
You may be eligible for a VA loan by meeting one or more of the following requirements:
To verify you meet the minimum service requirement and are eligible for the VA benefit, you need to get a copy of your VA Certificate of Eligibility. For most Veterans, this is easy, as we'll only need your military-recognized name, social security number and date of birth. In any event, after we get to know you better, we'll be able to advise on whether a VA loan is right for you.
Mortgage rates change every day, and your rate will vary based on your location, finances, and other factors. Get your FREE customized rate comparison below: