VA LOAN
VA loans are a special type of mortgage backed by the U.S. Department of Veterans Affairs, designed to assist eligible veterans, active-duty service members, and certain military-affiliated individuals in purchasing a home. Offering advantages like no down payment, no private mortgage insurance (PMI), and flexible qualification guidelines.
No Down Payment
No Private Mortgage Insurance (PMI)
No Private Mortgage Insurance (PMI)
No Private Mortgage Insurance (PMI)
No Private Mortgage Insurance (PMI)
No Private Mortgage Insurance (PMI)
Lower Interest Rates
No Private Mortgage Insurance (PMI)
Lower Interest Rates
Key points of VA Loans
- Options for 15-, 20-, and 30-year fixed-rate or different adjustable rate terms..
- Flexible Credit Requirements- minimum 580 fico score.
- VA Jumbo Loans up to $ 3.5M.
- Cash-Out options up to 100% Loan-to-Value.
- VA Streamline Refinance or VA IRRRL’s offers lower funding fees and minimum documentation needed–only for veterans with existing VA loans.
- Purchase a primary residence without a down payment.
- NO PMI (Private Mortgage Insurance).
- Limited Closing Costs.
- Multiple VA Loans at the same time are OK.
Understanding VA Home Loans
- Monthly payments with a fixed rate are determined by the interest rate, the principal amount of the loan, and the interest spread across 15, 20, or 30 years. This payment remains constant for the loan’s duration.
- The interest for Adjustable-Rate Mortgages (ARM) remain fixed for a period of time. The options can be 3, 5, 7, or 10 years. Post this period, it may vary based on market trends.
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