VA Home Loan

Account Description

·    VA offers a guarantee on loan to Veterans.  

·    Even if you do not qualify for standard loans you may qualify for a VA Loan. 

·    There may be no down payment required. 

·    VA Loans often have lower interest rates than conventional loans. 

·    There are no mortgage insurance premiums on VA Loans.

·    Assumable mortgages are permitted.

·    Closing costs can be lower than other forms of financing.

·    There is no penalty for prepaying your mortgage.

 

Down Payment

·    100% LTV/CLTV on purchase transactions, calculated off of the base loan amount.

·    100% LTV/CLTV on IRRRL

·    90% LTV/CLTV on Regular Refinance transactions, calculated on the base loan amount.

·    No new secondary financing. 

 

You may qualify for a VA Loan if you fall into one of the following categories

·    Active-duty Veterans discharged during WWII or later, without the status of "dishonorable"

·    Active-duty Veterans with at least 90 consecutive days of service during major conflict

·    Peacetime Veterans and active-duty personnel with at least 180 days of consecutive service

·    Enlisted Veterans whose service began after 1980, or officers whose service began after 1981, and who have served at least 2 years.

·    National Guard and selected Reserve members may also qualify.

 

Check your eligibility with a Loan Specialist if you have any questions.

 

Eligibility

·    Must provide a DD214

·    Must be verified by the VA’s Certificate of Eligibility (COE)

·    Owner occupied

·    Purchase, Refinance, or Interest Rate Reduction Refinance Loan

·    Condo’s must be on VA’s approved list

·    No Private Mortgage Insurance but VA funding fee applies. 

 

Loan Limits

·    Max Loan amount $417,000

 

Penalties/Restrictions

·    No Prepayment Penalty

Account Features

Account Disclosure/Statements

Assistance

*Speak with a Mortgage Loan Specialist for full details, exceptions may apply.