VA Loans

The Veterans Administration loan program enables veterans and active duty personnel to purchase or refinance a home with favorable loan terms.

Loans funded

Loan Amounts

Up to $1,000,000.

Reliable

Credit Scores

Minimum credit score is 680. If there is more than one borrower, we will use the lowest middle score among all borrowers.

Home

Property Types

Single Family Home

Condominium

2 Unit Properties

Why VA?

 

  • Applicable for active duty personnel & veterans only, or spouses of eligible veteran.
  • Interest rates are favorable in comparison to standard conforming interest rates.
  • VA offers fixed and adjustable-rate mortgages that can accommodate no down-payment on many purchase transactions.
  • VA Interest Rate Reduction Refinance Loan (IRRRL) are for borrowers who would like to refinance an existing VA loan into a fixed-rate loan, a lower interest rate or shorter loan term without taking additional equity out of the property. Additionally, VA Cash-out is also available with favorable interest rates.
  • Limit on fees and charges from the lender (special to VA Financing).

 

Tips

Home Purchase

 

Down Payments

Minimum Down Payments can be zero! Check with us for more details on that being available to you (depending on your entitlement – obtain your Certificate of Eligibility).

 

Mortgage Insurance

There is no mortgage insurance on this loan product.

 

Qualifications

Debt-to-Income ratio maximum 41%, although other scenarios may allow for a lower ratio, it will be dependent upon other qualifying factors (equity, credit score, etc.).

You must be living in the home you are buying.

Refinance Your Home

 

VA Interest Rate Reduction Refinance Loan (IRRRL)

VA-guaranteed loan made to refinance an existing VA-guaranteed loan, generally at a lower interest rate than the existing VA loan, and with lower principal and interest payments than the existing VA loan.

Loan amount may not exceed the total of the following:

• Existing VA loan balance

• Allowable fees and charges

• Up to two discount points

• VA funding fee

 

Cash-Out

VA cash-out is only available on primary residences. The following maximum loan to value is available on these transactions:

  • 1-2 Units, 100% financing, up to 1 mill (depending on your entitlement).
    • Minimum Credit Score: 700

Qualifications

Debt-to-Income ratio maximum 41%, although other scenarios may allow for a lower ratio, it will be dependent upon other qualifying factors (equity, credit score, etc.).