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
- Keep your payment low with the security of a VA mortgage.
- Lock-in a fixed rate and payment if you are a spouse, military member, or qualified veteran.
- No monthly mortgage insurance (PMI).
Calculate your monthly payment and see how the principal is paid over time.
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Choose a program that might fit your Cash Out needs.
- Looking for a more traditional option? Choose from the most competitive rates available.
- Maximize your monthly income by changing the term of your loan.
- Potentially save thousands in interest over the first 5 to 7 years by selecting an ARM over a traditional fixed mortgage
- Refinance into the security and low rates of a fixed-rate government loan.
- Qualify with less stringent qualification and credit requirements.
- Access to all fixed-rate terms.
- Lower your rate and payment if you are a spouse, military member, or qualified veteran.
- No monthly mortgage insurance (PMI).
- Fixed-rate and adjustable-rate program options, including jumbo loans.
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.
