If you are
active military, or former military, the VA mortgage loans are one of the best
benefits given to you for your service.
The VA mortgage loans extend to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen.
Some of the benefits of the VA Mortgage Loan Program are:
• The VA Mortgage Loans are no money down up to $417,000
• No monthly Mortgage Insurance is required
• VA Mortgage Loans are assumable
• It is easier to qualify for a VA Loan than a conventional loan
• VA Mortgage Loans can be streamline refinanced
No Money Down Up to $417,000
You do not have to put any money down to qualify for a VA Home Mortgage Loan for up to $417,000
If the seller agrees to pay the closing costs
(and they almost always do), you may be able to purchase the home with
no out of pocket cost.
The VA mortgage loan and home purchase
agreement can be set up so that the VA Home Mortgage Loan cover 100% of the selling price and the seller covers the closing cost.
payment required for homes over $417,000
still buy your WI home over $417,000 with a
VA loan, but now you will need a downpayment.
The down payment amount is roughly 25% of
the difference between the homes purchase
price, and $417,000.
For example if
you were to buy a $517,000 home in WI, you would
need a down payment around $25,000.
Contact us at (651) 552-3681, or though our
online inquiry page to calculate your
exact VA down payment amount for jumbo VA
WI VA Funding Fee
The Veterans Administration assesses a Funding Fee to all VA loans between .5% and 3.3% of the loan amount. The fee is added into the amount of the loan to be paid over the life of your VA home mortgage loan. The VA Funding Fee replaces the much higher priced Mortgage Insurance required when you get a conventional home loan. If you are a Disabled Veteran, you may qualify to get the fee waived completely.
WI Assumable VA Mortgage Loans
VA loans are also assumable,
which means you can let someone else take
over your loan in the future.
If the person assuming the mortgage is a veteran with VA eligibility, the original veteran will not be giving up the amount of eligibility that they used to get the loan a the beginning. Veterans should use great care and closely investigate the terms of an assumption before allowing someone to assume their mortgage. It is too great a benefit to give up.
Qualifying for a VA Mortgage Loan
The VA offers excellent qualifying standards. Even if you have experienced some financial difficulties in your life that caused your scores to be lower, but have maintained a good payment record over the past year or so, you may qualify for a VA mortgage loan.
We offer VA Loans in WI with credit scores as low as 620. This can be a tremendous savings compared to the cost of conventional loans when the borrower's credit scores are low.
WI VA STREAMLINE
lower the monthly payment on your existing
VA Loan? The VA offers a
refinance in WI known as an IRRRL Loan.
VA mortgage loans have built in features allowing a loan to be refinanced to a lower interest rate without all of the criteria normally associated with a conventional loan.
With this Interest
Rate Reduction Refinance
Loan, the veteran can secure a lower interest rate with
less paperwork, and maybe even without an
appraisal. Closing costs of the transaction
can be rolled into the loan, so there are no out of pocket costs.
about the VA streamline refinance here.