Qualify for a VA Home Loan
VA DOES NOT have a maximum loan amount. However, the majority of the loans originated are generally limited to $417,000 with no down payment. In certain VA designated high cost counties, the loan amounts with no down payment are higher.
The veteran DOES have to qualify both financially and have good credit. Our minimum credit score is 620 and all judgments or charge offs DO have to be paid in full.
The veteran DOES have to occupy the home as their primary residence.
The veteran DOES NOT have to be a first time home buyer and may reuse his/her benefit.
The VA DOES NOT set the interest rate and / or discount points. Lenders DO set them and vary from lender to lender.
VA Loans DO NOT have private mortgage insurance, but VA DOES charge an up-front VA funding fee, which may be financed. The exception to this is that if a veteran is in receipt of VA service connect disability payments each month, he or she DOES NOT have to pay a VA funding fee.
The seller can pay for closing costs. There is a requirement that seller concessions DO NOT exceed 4%, but only certain items are considered as part of the concession; ie. payment of pre-paids, VA funding fee, payoff of credit balances or judgments on behalf of the veteran, funds for temporary buy-downs (not discount points).
The veteran IS NOT allowed to pay for the wood destroying insect (termite) report; it is generally paid by the seller.
VA DOES NOT get involved with the majority of loans. The majority of transactions are handled directly by the lender with little VA intervention.
Home purchasers were able to obtain the lowest rates ever recorded in May, says mortgage investment firm Freddie Mac. New all-time lows were reached for 30- and 15-year fixed-rate loans, as well as adjustable mortgages. Borrowers are taking advantage of today's historic opportunity to save money. Purchasing or refinancing soon will allow you to enjoy reduced monthly payments over decades.
We can select a home loan that fits into your personal financial circumstances. Together we'll review your income and expenses, and see how they could change in the future. You'll then be ready to choose a mortgage that will work well in your situation for years. Buying a home is an important long-term decision; your home loan also needs to be picked carefully.
We'll show you what payments you'd have with various types of mortgages. At that point you can make an offer on a great new home knowing that financing won't be a problem. Contact us with your questions about getting a home loan today. We'll provide you with answers that you can trust. You'll also have our experience on your side every step of the way as you move through the real estate purchase process.
Today's housing market is different from what we experienced several years ago. Yet because those challenging times altered the market drastically, it's easy for some observers to assume nothing has changed since then. It's true that real estate hasn't sprung back to life. Currently we aren't in the midst of a boom. Yet we are surrounded by undeniable signals that optimism is warranted. Three years ago it wasn't certain when our economy would start growing again. High foreclosure rates were threatening to inflict more pain on property markets. But hanging onto our fears will keep us from seeing that conditions are improving. And it will stop us from taking advantage of the benefits available in this phase of the real estate cycle.
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Many existing homeowners are discovering they can prepare for a stronger financial future by moving into a 15-year loan. Rates on these fixed mortgages are substantially lower than what's available on a traditional 30-year mortgage. Paying off your loan over 15 years rather than 30 may allow you to retire without having any mortgage costs. That provides huge benefits as you get ready to work less.
While a 15-year mortgage increases your monthly payments, at today's incredibly-low rates you'll be paying much less for your home over time. And the discipline of sticking with a 15-year payoff schedule is a form of "forced savings" that homeowners typically come to appreciate. Let us help you figure how refinancing into a 15-year mortgage would alter your retirement picture. Paying off your home loan faster will improve your lifestyle for years to come.
Both men and women often emphasize how a home "feels" when making a purchase decision, says a recent survey. More than one in four buyers consider the emotional impact a property has on them more than its square footage, layout, or price. Other polls show that renters are eager to become homeowners now. A big reason is that in many areas it's possible to pay less on a property you own than you would spend renting it. You won't spot these bargains unless you look for them, though. Get in touch with us to discover what you'd pay each month to own a great house. And then compare that with rental costs.
Also ask us to give you the names and phone numbers of persons like yourself who recently have stepped out and become homeowners. Even if you're not ready to purchase immediately, we'll give you suggestions on how you can buy on good terms in the future. Our job is to make sure you appreciate your financing as much as you do your new residence. We understand that having a home loan that makes sense for you is just as important as finding a house that you love!
"The U.S. housing market is showing more signs of stabilization as price declines ease and home demand improves, spurring several economists to call a bottom," reports Bloomberg News. Home sales are above levels from a year ago, adds the National Association of Realtors (NAR). "We have seen nine consecutive months of year-over-year sales increases," says NAR's chief economist. "We expect housing to be notably better this year."
Persons who are shopping for a home should look carefully at local market conditions. Some areas will continue to see modest price drops, while in others buyers must bid over the asking price to be successful. The number of homes on the market and the amount of demand from local buyers determine how home values move. Overall the picture shows a slow and steady recovery unfolding.
Prospective buyers today are finding they can take advantage of current low rates and discount home prices. Here are some tips to consider as you think about moving:
Housing affordability is at record levels - and that makes it easier to purchase now. Additionally, many buyers won't need to stretch their budget as much as some did in the past in order to move into a great residence. We'll help you find a mortgage which offers payments in the price range you're looking for. You can rely on our professional expertise throughout the buying process.
We'll provide you with information and insights that will allow you to take advantage of today's market!
VALoans.com is using social media tools to keep the veteran community informed about a variety of issues including VA mortgages. We'll be highlighting changes to veteran benefits and will keep our fans updated on relevant stories and articles. Join us and stay informed.
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