Eligible for a VA Loan?
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We have several VA loan options available. These fixed interest rate mortgages are guaranteed by the Department of Veterans Affairs (VA) for military personnel and veterans. Listed below are many of the requirements of our VA loan programs, but we understand that these requirements may be difficult to understand for the average person, so please contact one of our Mortgage Professionals for further details. Eligibility Requirements
A borrower must meet one of the following reguirements -A borrower must have served on active duty in the Army, Navy, Air Force, Marines or Coast Guard, and was discharged or released form active duty under any condition except dishonorable (not applicable for service members on active duty);or
-A borrower who is member of the Reserves or National Guard become eligible after completing 6 years of service; or
-A borrower can be the unmarried surviving spouse of a veteran who died as a result of service or service-related causes
Type of Interest Rate
30 Year Fixed Interest Rate Loan Term
The VA mortgage must have a term of 30 years (360 months). In order to obtain your loan approval as quickly and easily as possible, please follow our mortgage loan checklist by clicking here. Purchase Details
-The Department of Veterans Affairs limits the loan amount to the reasonable property value shown on the Notice of Value; plus
-Energy efficiency improvement costs up to $6,000; plus
-The VA funding fee
-The maximum loan amount of a VA loan is $417,000
-If the purchase price exceeeds the reasonable value of the property, the borrower must make a down payment for the difference from his/her own funds. Refinancing Details (including cash out loans)
-The Department of Veterans Affairs limits the loan amount to 90% of the reasonable property value shown on the Notice of Value; plus
-Energy efficiency improvement costs up to $6,000; plus
-The VA funding fee
-The maximum loan amount of a refinanced VA loan is $417,000
-The loan must pay off an existing lien or liens, and it's required to have an itemized list of the liens paid off with the loan proceeds
-The veteran is permitted to receive cash proceeds from the loan for any purpose that is accepted by the lender
-The veteran must also have home loan entitlement available
-Furthermore, a lien of record is required, and the veteran must occupy the property
-Finally, starting May 1, 2009, some additional information and forms are required...please call one of our Mortgage Professionals for details Also, as an added feature of our website, we have included the following guidelines and tips to help ensure your home mortgage process goes as smootly as possible: 1) Pitfalls to Avoid When Trying to Obtain a Mortgage.
2) Things NOT to Do When Buying a Home.
3) Home Closing Tips and Reminders. As mentioned previously, we realize that some of this information may be confusing, so please don't hesitate to contact one of our Mortgage Professionals at Cronin Financial Services, LLC with any questions you may have.
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