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VA Home Loans

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. 

Seller Concessions Vs. Seller Contributions (These Are Not The Same)

VA Seller Concessions (up to 4% of value)

  • Payment of Veteran’s VA Funding Fee.
  • Prepayment of Veteran’s Taxes and/or Homeowner’s Insurance.
  • Gifts of Value such as TVs or Appliances.
  • Payment of Discount Points that are beyond what current market conditions dictate.
  • Provision of Escrowed Funds to provide temporary interest rate buy-downs.
  • Payoff of Credit Balances or Judgments on behalf of Veteran buyer.

VA Seller Contributions

  • In addition to the 4% seller concessions, sellers/lenders can assist with payment of the following:
  • Allowable VA Closing Costs
  • Appraisal & Credit Report
  • Recording Fees & Taxes
  • Title Insurance
  • Origination Fees and Customary Market Points.

Here are the items you will need when applying for your new VA Home Loan:

  • Copy of your DD214 if separated from the military (see below for instructions to request if you do not have a copy)
  • Statement of service from your commanding officer if you are active duty
  • Your Certificate of Eligibility (COE). Your Loan Consultant can help you get this.

Requesting Your DD-214

1. Digital Express

If you need your DD-214 quickly, you should request the services of a DD-214 express service. There are numerous services found online, and there is a usually a fee associated. But if you need your DD Form 214 in a hurry, expedited service is a great option.

2. Request your DD-214 online

If you don’t need your DD-214 right away, you can request it online directly from the National Personnel Records Center (NPRC). This option allows you to complete the necessary information online through eVetRecs, NPRC’s online request system.

3. Request the DD-214 by fax

You can also request DD-214 duplicate copies directly from the National Personnel Records Center by faxing a completed and signed SF-180 form to fax number 314-801-9195.

4. Mail in your request

Mail a written request for your DD214 to:

National Personnel Records Center
Military Personnel Records
1 Archives Drive
St. Louis, MO 63138

We consistently strive to offer consumers the best possible mortgage experience by using a transparent and systematic approach that makes lenders compete for your business.  The more educated the consumer, the greater chance they will become a Vantage client when comparing mortgage providers. Don’t just take our word for it, here are some reviews that our past customers have left!

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