VA Loan

VAHome Loans

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Benefits of aVA LOAN

  • 100% Financing ZERO Down Payment, Credit Score down to 600
  • NO MONTHLY PMI Insurance added to payment
  • Mortgage Interest Rates are low and affordable
  • Fixed Rate with no prepayment penalty
  • Mortgage Interest can be Tax Deductible, ask your CPA or Tax Planner for details
  • Much cheaper and attractive than other loan programs due to 100% financing and NO PMI
  • Sellers can pay up to 6% of Veterans closing cost
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What are VA loan requirements?

Here are the requirements:

  1. 100% financing so Down Payment is ZERO
  2. NO monthly PMI or Mortgage Insurance, although there is a upfront funding fee, initial VA Loan use 2.3%, subsequent is 3.6% all paid to the VA
  3. Credit Score down to a 620, middle score of the three or lower of the two
  4. Debt to Income Ratio is 41% unless you receive a Desktop Originator or DO Approval which is automated, they can go as high as 50%, but the loan still has to be approved by lender’s underwriter
  5. Income must be steady and provable, two year work history is required with no gaps longer than 6 months unless you’re in school at a university
  6. Two months bank statements, additional reserves may be required, large deposits have to be sourced, NSF’s must be explained
  7. Only Primary Residence, no Second Homes or Investment
  8. Borrowers must have valid identification and lawful residency i.e. Driver’s License, Social Security number, Work Visa
  9. Only certain homes eligible single family homes, condos, modular homes

How does a VA Loan work?

The VA Loan works like most home loan programs except it’s hands down the best Mortgage Program in existence. The VA loan program provides borrowers with an opportunity to own a home with no money down, so 100% financing. Also, VA Loans have NO MONTHLY PMI or Mortgage Insurance added to payment. Some lenders will finance with a Credit Score as low as 620.

What is a VA Loan?

A VA Loan is a mortgage loan program backed or guaranteed by the U.S. Department of Veterans Affairs. The VA Loan is issued by Lenders in accordance with the VA Underwriting Guidelines. You have to be a Veteran to qualify.


Are VA loans cheaper?
In short yes because interest rates tend to be lower than Conventional Loans and you don’t pay mortgage insurance, unlike FHA or USDA RD

What are the reasons to consider a VA home loan?
Simply put if you’re a Veteran this is the only Loan option to really consider, especially if you need 100% financing

Are VA loans good for buying your first home?
Yes absolutely the best Mortgage Loan Program in existence

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