- VA Loans:
- Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice.
VA Loans are a wonderful benefit for our Heroes who have served or are currently serving in our Armed Forces.
Here are just a few benefits:
- 100% financing with no mortgage insurance
- Generally easier to qualify for a VA loan than conventional loans with more lenient underwriting in regards to credit and income
- VA fixed rates are typically better than Conventional fixed rate loans!
- A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan amount is paid to the VA. Veterans with a Service related disability may not have a funding fee.
- When purchasing a home, veterans may borrow up to 100% of the sales price or appraised value of the home, whichever is less.
- For Jumbo Loans above the prevailing Conforming limit for the area only a small down payment based on the amount above the Loan Limit is required. For example, in Houston the limit is $424,100 and in Denver it is $493,350. VA loans typically have better terms than Jumbo loans so this is a great option for Veterans, even if you intend to invest more of a down payment.
- VA Loans may be refinanced without appraisal and only the mortgage credit
Preferred has over 50 years of combined experience lending to Veterans, inquire or apply now and let us serve you!