VA Loans

Veterans, active duty military, and surviving spouses, who have a certificate of eligibility, can apply for a VA loan.  This is an excellent loan program which offers a lot of flexibility and options.  These loans are approved and funded by the lender, and then VA insures and guarantees the loan.  Some highlights of a VA loan are:
  • No down-payment required
  • Monthly mortgage insurance not required
  • Flexible credit and debt-to-income ratio requirements
  • No loan limits (with full entitlement)
  • Sellers can pay all of the buyer’s closing costs.  In addition, they can pay up to 4% towards concessions (ask about what are considered concessions)
  • VA funding fee is based on your military status, whether it’s first use or subsequent use, down-payment amount, and type of transaction. Funding fee is allowed to be financed into the loan
  • Existing VA loans can be refinanced with an IRRRL “streamline refinance” with reduced paperwork and no appraisal
  • Available for primary residence purchases. Existing homes with VA loans can be refinanced, even if it’s no longer your primary residence
  • Eligibility for veterans available here: https://www.va.gov/housing-assistance/home-loans/eligibility/