VA Home Loans
The VA home loan is designed to offer long-term financing to American veterans. VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.
Here’s how it works:
- When purchasing a home, Veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. VA loans do not require private mortgage insurance (PMI).
- When refinancing a home or even paying off a conventional mortgage, Veterans may borrower up to 100% of the appraised value as well as obtain cash-out with no requirement for private mortgage insurance (PMI).
- VA streamline refinance programs are also available (VA IRRRL) when paying off and refinancing an existing VA loan. For more on this program click HERE.
- A VA funding fee applies to those which are not exempt (this fee may be financed) and is based off a percentage of the loan amount and paid to the VA. A schedule of these funding fees can be found HERE.
Vantage offers Veterans a wide arrange of investors to compare for VA financing terms and full access to the programs benefits. Apply for a VA loan today by contacting a Vantage Loan Consultant.
Here are the items you will need when applying for your new VA Home Loan:
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