A VA loan is a type of mortgage guaranteed by the office of Veteran Affairs with the goal of helping active military personnel, veterans who have been honorably discharged, members of the National Guard, Reservist, or surviving spouses obtain a mortgage.
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What does that mean to you?
If you meet the qualifications of obtaining a VA mortgage this is most likely the best option for you. By coupling low interest rates with no monthly mortgage insurance the monthly note on a property is going to be lower than any other financing option. There is also no down payment requirement for purchases which means you can finance up to 100% of the purchase price.
VA also offers a refinance program up to 100% of the value of the home for rate/term refinances and cash out refinances up to 90% of the homes appraised value. This is higher than any other loan program being currently offered.
Benefits of a VA transaction:
- Loan amounts up to conventional limits ($453,100) for primary residences
- Zero down payment required on purchases
- No monthly mortgage insurance
- Seller can pay all closing cost if negotiated in the purchase contract
- For some rate/term refinances an appraisal may be waived by the lender or an automated value may be used. This saves you money!
- Surviving Spouse benefits may be available
Eligible Property Types:
- Single Family Residences
- Multi Unit properties up to 4 units as long as one unit is owner occupied
- VA approved “Warrantable” Condos – to find out if a condominium project is approved call LA Lending
Terms to be familar with:
VA does charge a Funding Fee to the borrower based on the type of service that is /was performed and whether the borrower is using the entitlement for the first time OR if the borrower has previously used his/her entitlement. Some Veterans may be exempt from the funding fee charge.
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