VA loan benefits

Benefits of Veteran Home Loans

• Loans up to $417,000
• No down payment required when purchasing a home. A VA mortgage loan is guaranteed with no money down for any loan up to $417,000.
• Lower rates for bad credit. If you have bad credit, you would likely get a much lower rate with a VA loan than a conventional loan, and if you have improved your credit history within the past year, you may qualify for the same low interest rates available to people with good credit.
• No monthly mortgage insurance. Even with a loan-to-value ratio of 100%, no monthly mortgage insurance is required for a VA home loan.
• Often, VA mortgage loans are assumable.
• Adjustable rate mortgages. The VA has released a hybrid ARM product. Veterans now have a choice of either a fixed rate or an adjustable rate VA mortgage.
• Limited closing costs. The government limits the amount of closing costs, appraisal fees and origination fees lenders can charge, saving you money.

Individuals with poor credit history are more likely to qualify for a loan under the VA loan program than other programs. Often, lower rates on loans will result in significant savings for the borrower. Also, the VA offers extra benefits to disabled veterans.

What Will I Need To Get A VA Loan?

A Certificate of Eligibility is needed to qualify. Whether you are a first-time user or you have had a VA loan in the past, you must have a Certificate of Eligibility. Start here to request your certificate, and one of our VA mortgage specialists will help you with this process.

If you have a Certificate of Eligibility, you can pre-qualify for a VA home purchase now for a home of up to $417,000.

Are There Any Fees For A VA Mortgage Loan?

The Department of Veterans Affairs requires a funding fee, which varies from zero to 3.3% of the loan amount, depending on your current veteran status. The funding fee is added into the total loan amount, so the borrower is not required to pay out of pocket. To determine the exact funding fee, see the funding fee chart. Because of the funding fee, VA loans do not require monthly mortgage insurance, keeping your monthly payment lower.

Veterans who qualify as 10% disabled or greater as a result of active military service are not required to pay a funding fee. Those who are not exempt from a funding fee may lower their fee by putting money down on their VA home purchase.

Other VA loan info for your use:

va loans: VA Loan Funding Fee Tables - 07/01/07 04:32 PM VA Loan Funding Fee Tables There are some cases where there is an exemption to the funding fee requirement. The following persons are exempt from paying the funding fee:   Veterans receiving VA compensation for service-connected disabilities.Veterans who would be entitled to receive compensation for service-connected disabilities if they did not receive ... (4 comments) va loans: VA Loans: Frequently Asked Mortgage Questions - 07/01/07 04:20 PM Our mortgage customers at Gulf & Southern Mortgage here in St Petersburg FL typically have many questions regarding the mortgage benefits they are entitled to use towards purchasing a home through the VA. If you are living in the Clearwater, St Petersburg, Tampa or Pinellas and Hillsborough County and are going ... (16 comments) va loans: VA loan eligibility - 07/01/07 04:18 PM Save money with a VA home loan! VA loans usually have lower interest rates than conventional loans, and they do not require mortgage insurance. In addition to saving money, there may be no down payment required for a VA loan. At Gulf & Southern Mortgage, we aim to provide you with ... (0 comments) va loans: VA loan benefits - 07/01/07 04:16 PM Benefits of Veteran Home Loans Loans up to $417,000 No down payment required when purchasing a home. A VA mortgage loan is guaranteed with no money down for any loan up to $417,000. Lower rates for bad credit. If you have bad credit, you would likely get a much lower rate with ... (1 comments)