Mortgage loans insured by the Department of Veteran’s Affairs (VA) are deservingly the best priced mortgages on the market. Originally created in the Roosevelt Administration in 1944 and part of the G.I. Bill of Rights, the VA mortgage loan is designed to assist military personnel and their families in home purchasing. What makes a VA loan so appealing, is the Zero-Down-Payment requirement in combination with zero monthly mortgage insurance and lower credit score and income requirements. VA loans are a perfect solution for military returning from active duty, National Guard or for Military Reserves looking to purchase a home. Eligibility for a VA loan is determined by specific service guidelines.
If you have ANY military experience, Thank You for your service. If you would like to find out your level of eligibility for a VA Purchase loan
A VA Home Loan benefits give eligible Veterans access to mortgages with advantages that do not exist with conventional loans. There are several ways VA Home Loans are designed to help Veterans and other eligible borrowers obtain mortgages.
Unique of These Unique VA Home Loan Opportunities:
• No down payment on most home purchases
• Certain closing costs limited by the VA
• No private mortgage insurance (PMI)
• No penalty for early loan repayment
• Free mortgage counseling for distressed borrowers
A VA Interest Rate Reduction Refinance Loan (IRRRL) allows for the refinance of your existing VA loan into a lower interest rate, resulting in lower monthly payments.
Unlike most loan products, the VA IRRRL can be completed quickly and with relatively few requirements, paperwork, or costs since you are refinancing from one VA Loan to another VA Loan.
VA HIGH BALANCE
The VA High Balance Mortgage doesn’t have a limit per se, however, the borrower will need to make a small down payment which is primarily based on the purchase price of the home, and how much it is over the local VA loan limit.