Buy or refinance a home for up to $417,000 with no down payment. Non -VA loans require down payments over 20%. Conventional loans with little or no down payment require you to have near perfect credit and charge higher interest rates. VA loans are not based on credit scores, they are based on the borrowers overall ability to repay the loan.
Mortgage insurance or 80/20 loans can add hundreds of dollars to your monthly payment. There is no additional monthly cost on VA loans, this is the major advantage when comparing VA and conventional loans.
Conventional loans can have prepayment penalties and negative amortization; this is not the case with VA loans. The Veterans Administration insures these loans because they a good deal for qualified military, they do not want to make a loan that is restrictive or will cost you extra money down the road, they want to make loans that make sense.
Underwriting on VA loans is more flexible than conventional loans. Credit scores, income to debt ratios, general credit history all come into play when qualifying for a home loan. However with VA loans the requirements allow for higher debt ratios and less than perfect credit history compared to conventional loans.
If you sell your home the new buyer can assume your VA loan which will make it easier to sell your home.
The Veterans Administration protects the borrower from excessive junk fees. The lender must cover the cost of any underwriting, processing, notary fees and escrow fees.
Even if you have refinanced in the past there is no limit to how many times you can take advantage of the VA loan program.
The VA loan process generally takes less than 20 days. |
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STREAMLINE LOAN OPTION
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CASH OUT OPTION
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ONLINE APPLICATION
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