VA Home Loan
VA HOME LOAN
A VA Home Loan can offer you the 100% Financing you've been looking for. The VA Home Loan is truly the best 100% Financing Loan Program in any market. As a thank you for your service, VA offers Veterans and Active Duty Service Personnel a VA Loan Benefit to purchase a home, refinance, or consolidate debt. Almost every Veteran is eligible for Veterans Affairs Benefits and therefore, there is no down payment required, no monthly mortgage insurance premiums (P.M.I.), easier credit qualifying, and rates are often lower than other loan programs that offer no money down. Qualified Veterans and Active Duty Personnel can obtain a loan up to $417,000, or $625,500 in high cost areas. Allow me to assist you by maximizing your VA Benefits today.Items Required:
1. Copy of your DD214
2. Copy of your Certificat of Eligibility. In some cases you may
need to complete VA Form 26-1880 to receive your VA
Certificate of Eligibility.
Have you already used a VA Home Loan before?
Did you know that you can also re-use your VA Loan Eligibility for another VA Loan if you have completed payments on your previous note and no longer own the property? If so, be sure to include copies of any paperwork that proves your old VA Loan has been paid off such as a "Paid in Full" letter from your bank, or a copy of the "HUD 1 Settlement" paperwork.
What is a VA Funding Fee?
The VA funding fee is a fee that VA charges to every buyer and it is required by law. The fee is intended to enable the Veteran who obtains a VA Home Loan to contribute towards the cost of this benefit, and thereby reduce the cost to taxpayers. This funding fee is always cheapest for first-time users of this loan program. The idea of charging a higher fee for subsequent uses is based on the fact that Veterans have already had a chance to use the benefit once and also that prior users have had time to accumulate equity or save money towards a potential down payment. In addition, this funding fee can be paid upfront in cash or financed into their loan. It is important to also note that this funding fee will be waived entirely if the Veteran is at least 10% disabled. As every scenario is potentially different please contact me or apply online in order to determine your exact funding fee percentage.
I want to purchase a house with a VA Home Loan. Do I have to occupy the property?
The law requires that you certify that you intend to occupy the property as your home. Therefore, Investment Purchases of any type are not allowed.
May a Veteran purchase a home using a VA Home Loan with a Non-Veteran who is not his or her spouse?
Unfortunately not. The only qualified borrowers that VA will allow are the Veteran, Active Service Duty Personnel, and his or her spouse.
Can I refinance my current VA Loan, or refinance my current Conventional Loan into a VA Loan?
The answer is yes! The only requirement is that you must provide the documentation listed above that allows VA to determine your eligibility.
What is a VA guranteed loan?
VA guaranteed loans are made by private lenders, such as banks, savings and loans, or mortgage companies to eligible Veterans for the purchase of a home which must be for their own personal occupancy. Veterans apply for a loan through a lender. If the loan is approved, VA guarantees part of the total loan amount allowing the Veteran to obtain a competitive interest rate without having to make a down payment.
What can VA not do?
VA cannot guarantee that a home is free of defects. VA only gurantees the loan. It is your responsibility to assure that you are satisfied with the property being purchased. The VA Appraisal is not intended to be an "inspection" of the property. You should seek expert advice via a qualified residential inspection service, as necessary, BEFORE legally comitting to a purchase agreement. If you have a home built, VA cannot compel the builder to correct construction defects although VA does have the authority to suspend a builder from further participation in the home loan program. VA cannot guarantee that a Veteran is making a good investment. VA cannot provide a Veteran with legal services.
Is a VA Guaranteed loan a gift?
No, it must be repaid, just as you must repay any money that you borrow. If you fail to make the payments that you agreed to make, you may lose your home through foreclosure.
If the Veteran dies before the loan is paid off, will the VA Guarantee pay off the balance of the loan?
No. The surviving spouse must continue to make the payments. In the instance that there is no Co-Borrower, the loan becomes the obligation of the Veterans Estate.
