The VA home loan is designed to offer long-term financing to American veterans. VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.
Here’s how it works:
When purchasing a home, Veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. VA loans do not require private mortgage insurance (PMI).
When refinancing a home or even paying off a conventional mortgage, Veterans may borrower up to 100% of the appraised value as well as obtain cash-out with no requirement for private mortgage insurance (PMI).
VA streamline refinance programs are also available (VA IRRRL) when paying off and refinancing an existing VA loan. For more on this program click HERE.
A VA funding fee applies to those which are not exempt (this fee may be financed) and is based off a percentage of the loan amount and paid to the VA. A schedule of these funding fees can be found HERE.
Vantage offers Veterans a wide arrange of investors to compare for VA financing terms and full access to the programs benefits. Apply for a VA loan today by contacting a Vantage Loan Consultant.
Complete your VA Questionnaire HERE when applying for your VA loan.