Benefits of a VA Mortgage Loan

No Down Payment

100% Financing means Veterans pays $0 Down

Discounted Fees

Limits fees that can be charged to Veteran

No PMI

No mortgage insurance required on VA loan

Veteran Friendly

Flexible guidelines favor Veteran approval

VA Loan Limits by State

AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC

FAQ About Using a VA Mortgage Loan

Do I have to have served overseas in a War?

You do not have to have served during war time to be eligible for 100% financing with a VA mortgage loan.

You must have been honorably discharged, and served a minimum of 181 days to be eligible for VA guaranteed benefits.

Can I refinance a VA loan?

You can always refinance out of a VA loan at anytime with no penalty.  If you're only looking to reduce the interest rate, and not taking cash out, VA has a special refinance program just for Veterans.

The VA IRRL, VA Interest Rate Reduction Loan, is a streamline refinance program that allows you to refinanced from VA to VA loan with limited paperwork and reduced fees.

 

Can I use a VA loan to buy a Jumbo mortgage home?

A VA mortgage is 100% financing up to the maximum loan limit for the County in the State you're buying in.

If the purchase price is greater that the maximum loan limit, and eligible Veteran is only required to bring in 25% of the amount above the limit.

Here's an Example:

In most Counties in most States, the maximum loan limit is $424,100 (updated 1/2017).

  • Purchase price of the home is $600,000.  
  • The difference between the VA limit and the purchase price is $175,900.
  • 25% of the $175,900 is your required down payment - $43,975

A Jumbo mortgage loan using this same scenario would require as much as $120,000 down payment.

 

Top Articles About Underwriting VA Mortgage Loans

>