VA Home Loan | VA Mortgage Financing

VA Home Loan Program is for veterans and active duty military personnel and determined members of the reserves and National Guard. VA Home Loans provide an commendable program and benefit for those individuals who have served or are serving to protect our families and our nation, as well as giving them a form of financing that will allow Realtors to sell more homes.

VA Home Loan Information

Veterans Administration allows a veteran who qualifies income and credit to buy a home as the primary residence without putting money down towards the purchase price, the sales price can not exceed the appraised value. Veterans do, however, need money towards closing costs and the earnest money deposit, which the seller generally requires when a sales contract is signed. 100% of closing costs may be paid by the seller, which is an item to analyze when the offer is made to buy the home.

The VA allows a veteran who qualifies income and is credit worthy to buy a home as the primary residence with Zero Down.

Benefits of using VA Home Loan:

Assumable, the new owner most qualified.
Low closing costs to Veteran's and are regulated by VA
Veterans with problems making the home loan mortgage payments can obtain assistance from VA
No Prepayment penalty

Facts concerning purchase transactions:

VA does not have a maximum loan amount. However, lenders do sell loans on the secondary mortgage market, so they will generally limit loans to $417,000 ($625,500 in Hawaii, Guam, Alaska and U.S. Virgin Islands) with no down payment. With a down payment, loans may exceed these amounts.

VA Streamline
Interest Rate Reduction Refinance Loans
A VA Interest Reduction Refinance Loan (also know as a VA IRRRL) is a streamline refinance which that requires little documentation, no appraisal, and a reduction in the interest rate on the VA home loan. VA interest rate reduction refinances do not require credit underwriting and the mortgage loan must be current.[

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