With 23+ years helping veterans just like you and with some of the lowest VA rates in the country, I would be honored to help YOU with your next home purchase!

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Highlights of a VA loan:

 

• NO MONEY down with NO mortgage insurance required.

• Lower rates than conventional mortgages.

• Less FICO sensitive than conventional mortgages.

• Seller concession allowed up to 4% of the purchase price.

• Seller concession may be used to pay off debt to help you qualify.

 

What is different about a VA loan compared to conventional loans?

 

• You can finance a home with 0% down with no mortgage insurance required.

• You need to be a veteran of the US Armed Forces to qualify for a VA loan or active duty with at least 6 months on the job.

• The property must be a primary residence.

• You will have a funding fee added to your loan amount unless you qualify for a disability waiver. The funding fee is a percentage based on the amount of the down payment. The higher the down payment, the lower the funding fee. The funding fee is typically financed into the loan and is used to help fund the VA loan program.

• Your lender must order the appraisal from the VA. The VA has specific minimum appraisal requirements, to ensure the house is safe, structurally sound, and sanitary, with a value that meets or exceeds the loan amount. 

• The rate you get will likely be lower than conventional rates. VA rates are anywhere from .25% to a full point lower than conventional rates, depending on your overall situation.

• Rates are less FICO dependent. While low FICO will still impact rate, it's not as dramatic as with a conventional loan.

• You can't use a cosigner to help you qualify for the loan unless the cosigner is your spouse or another veteran.

• Seller may give up to 4% of the purchase price as a concession towards buyer's closing costs and prepaids.

• The lender will allow you to use some or all of the seller concession to pay off debt to help you qualify.

 

Frequently asked questions about VA loans:

 

Can I use a cosigner? Only if the cosigner is your spouse or another veteran.

 

If I'm disabled, do I have a funding fee? No. Your DD214 or Certificate of Eligibility will confirm if you're eligible for a waiver of the funding fee.  

 

Can I use my VA entitlement more than once? Yes. Typically you would only have one VA loan at a time but in the case of a relocation, you may be able to hold more than one VA loan.  Your lender can confirm how much entitlement you have available for use and whether or not you're able to get another VA loan if you currently have one.

 

Who orders the appraisal on a VA loan? The lender will order the appraisal.  They must order it through the VA.  VA appraisals are a bit more stringent than conventional appraisals to ensure the new home meets certain health and safety requirements.

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Is there a loan size limit to a VA loan? Not really. If the property purchase price exceeds your entitlement, the VA has a formula the lender can use to determine how much additional funds will be required.  Often using a VA loan for a jumbo sized purchase can save you money - even if you need to bring some down payment funds.   If you have less than 20% to put down, it's worth asking.  And even with 20% down or more, it's sometimes the least expensive option.