- VA Loan:This loan is for military Veterans and no down payment is possible and there is no monthly mortgage insurance either so this is a fantastic loan program.
- 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. The 2019 maximum VA loan amount limit is $484,350.Here’s how it works:
- 100% financing without private mortgage insurance or 20% second mortgage.
- A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan amount is paid to the VA.
- When purchasing a homeveterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.
- When refinancing a home, veterans may borrow up to 100% of reasonable value in order to refinance where state law allows.
We love our Veterans and do a lot of VA loans and these are probably one of the absolute best loans out there so if you are a Veteran please be sure to inquire with us and utilize this amazing loan program! The seller can also pay all reasonable closing costs up to 4% of the sales price so in most cases you, the Veteran, can come to closing with little to NO money out of pocket except for maybe an appraisal fee of around $450 but we try to get that paid by the sellers as well. Please contact us for more details.