The VA Home Loan program is backed by the U.S. Department of Veteran Affairs. This program allows veterans, with qualifying income and credit, to purchase a primary residence without putting any down payment funds towards the sale price of the home, as long as that sale price does not exceed the appraised value of the property. There is no maximum VA loan amount; however, lenders will generally limit VA loans to the county’s Conforming loan limit of $417,000. For loans up to this limit amount, it is typically possible for qualified veterans to obtain no down payment financing. A veteran’s maximum entitlement is $36,000 (or up to $104, 250 for certain loans over $144,000). Lenders will usually loan up to 4 times a veteran’s available entitlement without a down payment, provided the veteran’s income and credit qualify, and the property appraises for the sale price. Additionally, VA loans require no mortgage insurance premiums and monthly mortgage insurance fees. Be aware that VA also requires a funding fee that can range between one and three percent depending on current guidelines. This can be rolled into your loan amount or paid in cash at time of refinance or purchase.
VA Loan Highlights
- Purchase your primary home with absolutely no down payment.
- No monthly mortgage insurance (PMI).
- Fixed-rate and adjustable-rate program options, including jumbo loans.
- Requires a VA funding fee
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Choose a program that might fit your Cash Out needs.
- Purchase a primary home with as little as a 3.5% down payment.
- Qualify with less stringent qualification and credit requirements.
- Access to all fixed-rate and adjustable terms.
- Ability to purchase a home with as little as a 3% down payment.
- Flexible mortgage insurance choices. Learn about mortgage insurance options.
- Fixed-rate and adjustable-rate program options.
- Avoid mortgage insurance all together with only 20% down and access the most competitive rates the wholesale market has to offer.
- An opportunity to purchase a home up to $2,000,000.
- Purchase your primary home with as little as a 15% down payment with no mortgage insurance.
- Enjoy the ability to pay-down or payoff your mortgage at any time without a pre-payment penalty.
- Purchase a Fannie Mae-owned home with a down payment as low as 3%.
- No appraisal requirement.
- No private mortgage insurance (PMI).
- Credit qualification flexibility as low as a 620 score.
- No down payment requirements.
- Designed for relief for low to moderate income qualifiers (check to see if this program is available in your area).
Why you should choose Starwest Mortgage for your home purchase:
- As a broker, Starwest gives you access to the most competitive rates, fees, and programs the wholesale lending industry has to offer. Why use a broker?
- No Closing Cost program
- Get loan status updates anytime, anywhere. Take advantage of our online tools.
In addition to mortgage options, learn your Home Purchase Responsibilities and information to keep you on track throughout your purchase transaction…