Speak with a Home Loan Specialist today
We will help you with your customized loan requirements and based on the amount you need and the term length you want.
VA LOAN TYPES
- Fixed Rate Mortgage
- Adjustable Rate Mortgage (ARM)
- VA Jumbo Loan
- Cash Out Refinance
- VA Streamline Refinance (IRRRL)
VA LOAN CHECKLIST
- Copy of your DD-214
- Copy of Purchase Agreement
- Last 30 Days paycheck stubs
- Last 2 years W-2’s
- Last 2 years tax returns
- Last 2 months bank statements
What Is a VA Loan ?
A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA).
The VA loan allows veterans 100 percent financing without private mortgage insurance or a 20 percent second mortgage and up to $6,000 for energy efficient improvements. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA; this fee may also be financed. In a purchase, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment. In a refinance, where a new VA loan is created, veterans may borrow up to 100% of reasonable value, where allowed by state laws. In a refinance where the loan is a VA loan refinancing to VA loan (IRRRL Refinance), the veteran may borrow up to 100% of the total loan amount.
How do I Obtain a VA Loan
- Select a home & discuss the purchase with the seller or agent. Sign a purchase contract conditioned on approval of your VA home loan.
- Select a lender, present them your Certificate of Eligibility and complete a loan application.
- The lender will develop all credit and income information. They will also request VA to assign a licensed appraiser to determine the reasonable value of property. A Certificate of Reasonable Value will be issued.
- The lender will let you know the decision on the loan. You should be approved if the established value and your credit and income are acceptable.
- You (and spouse) attend the loan closing. The lender or closing attorney will explain the loan terms and requirements as well as where and how to make the monthly payments. Sign the note, mortgage, and other related papers.
- The loan is sent to VA for guaranty. Your Certificate of Eligibility is annotated to reflect the use of entitlement and returned to you.