Happy Veterans Day to all those who have served and sacrificed for our great country! The lending market offers great benefits to those who have served for our country and are looking to buy a new home, or are looking to refinance their current home. Here we have outlined a few details of loans from the Department of Veterans Affairs (VA).
- Offers veterans 103.3 percent financing without private mortgage insurance or a 20 percent second mortgage and up to $6,000 for energy efficient improvements.
- In a refinance, where a new VA loan is created, veterans may borrow up to 100% of reasonable value, where allowed by state laws.
- VA loans allow veterans to qualify for loan amounts larger than traditional Fannie Mae / conforming loans.
- VA will insure a mortgage where the monthly payment of the loan is up to 41% of the gross monthly income vs. 28% for a conforming loan, if the veteran has no additional monthly bills.
We work with a few great lenders that can help point you in the right direction. Reach out today for more information on VA loans and how you can qualify.