For eligible veterans and active duty military personnel a VA mortgage loan can be a wonderful benefit to take advantage of. The Department of Veterans Affairs guarantees these loans, which can finance as much as 100% of the value of the property, ensuring low rates and easier qualification guidelines when compared to conventional loans.
Benefits of a VA Loan
In addition to the excellent VA mortgage rates, and no money down option there are a number of advantages to obtaining a VA home loan, such as:
VA Interest Rate Reduction Refinance Loan.
Designed to help homeowners who already have an existing VA Loan refinance to today's low mortgage rates, helping them save money on their monthly payment as well as saving on interest overall. Because the VA IRRRL is designed for veteran and military homeowners who already have VA loans in place, the process is streamlined - no need for an appraisal, and no income verification required.
VA One Time Close (OTC) Construction to Permanent Loan
For borrowers who are eligible for VA financing and want to build a new home on a purchased lot, the VA One Time Close (OTC) Construction to Permanent Loan can help save considerable time and money. With the VA OTC loan, the mortgage finances three different components of the sale: the lot purchase, the construction of the home, and the permanent mortgage. These three components are combined into a single close loan, saving the borrower the hassle and extra cost of having a second appraisal or having to be re-qualified after construction is completed.
And, just like a traditional VA mortgage, the VA OTC loan offers up to 100% financing for qualified borrowers. No down payment = even more upfront savings!
Here are just a few additional program highlights::
No payments due from borrower during construction phase.
620 minimum qualifying credit score.
15 and 30 fixed rate terms available.
1 unit singlewide, doublewide and triplewide manufactured homes are eligible.
Modular homes are eligible.
With real estate inventory tightening across the State, a VA OTC Construction to Permanent Loan could help your borrowers build their own dream home instead of having to settle for a home they're not completely satisfied with.
Many VA loans are assumable.
This means that if you sell your home the new owners may be able to take over your mortgage rather than applying for a new loan. This is extremely attractive to many buyers and will set your property apart from others for sale. An assumable loan is particularly desirable when it has an interest rate that is lower than those currently available at the time the home is sold. It is important to understand how allowing a buyer to assume your loan could impact your eligibility for a future VA loan on another property. Talk with a VA loan expert at Smart Mortgage Centers to learn more - call 888-416-0920.
Can be easier to qualify for.
Those with less than perfect credit can sometimes qualify for a VA home loan even if they would not qualify for most conventional loans.
No down payment and low closing costs.
A VA mortgage can allow you to purchase a home with very little initial out of pocket expenses. Up to 100% of the property value can be financed, and so can the VA funding fee. Closing costs are permitted to be covered by gift funds or paid by the seller.
No private mortgage insurance is required either, which conventional borrowers must generally pay monthly unless they put down a minimum of 20% of the loan amount.
Simple streamlined refinance option.
If you already hold a VA mortgage and would like to take advantage of today's low VA mortgage rates a streamlined refinance can be considerably simpler, less time consuming, and less expensive than a conventional refinance. There are no prepayment penalties and with streamlined refinancing, no additional underwriting is required. Request a quote now to see what the rates are today and what you could be saving.
Get started today
Created in 1944, the Veterans Administration Home Loan Guaranty Program was established to assist service members returning from active duty, the opportunity to buy a home of their own. Since it came into being, over 18 million active duty, retired and reservist members of the military have realized the dream of home ownership.
Because the Federal Government backs the loans, military borrowers benefit from very competitive rates and terms offered by VA-approved lenders. The loan consultants at Smart Mortgage Centers are experienced VA home loan experts. They can help you determine whether you are eligible and help you obtain your certificate of eligibility from the Department of Veterans Affairs. They can also let you know what the current loan limit is for the county in which you live or are looking for a home, and walk you through the entire process.
Fill out the form to the right to get VA Mortgage Rates.