Advantages of VA loans:
- You can choose 100 percent financing for the purchase of a 1-4 unit primary residence with no down payment
- You can take advantage of more favorable income, debt and credit qualifications
- The seller can pay most loan costs as part of the purchase agreement up to 4% of the reasonable value of the property
- You have the option to choose a fixed or adjustable interest rate
- There is no penalty for prepaying your VA loan
- No monthly mortgage insurance payments
What you’ll need to consider:
- VA mortgage loan amount up to $1 million is available with equity and/or down payment; ask your Loan Officer for more details.
- You don’t need cash reserves for a maximum loan amount of $484,350 (in designated areas), but two month's cash reserves are required for loans greater than this amount
- Loans are available for purchases of primary residences only; however, if the veteran previously occupied the veteran's investment property, the veteran would be eligible for the Interest Rate Reduction Refinancing Loan (IRRRL)
- Temporary interest rate buy-downs are available
- There is a required guarantee fee (funding fee) which may be financed
- 100% financing will result in no equity until such time as the loan principal is paid down through regular mortgage payments and/or the property value appreciates. Additionally, if property values decline you could owe more than your property’s value. A down payment may be required if property is located in a declining market or if required by state regulations.
Renovation and Construction Loan Programs:
- FHA 203K Purchase and Refinance Renovation loans
Refinance Loan Programs:
- Fixed and Adjustable rates
- Conforming loans up to $510,400, super conforming loans up to $765,600
- Jumbo loans up to $2 million.
- FHA, VA Loans
- Debt consolidation loans. Pay off revolving debt, student loans, unsecured high interest loans etc.