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/