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VA Mortgage Basics
VA guaranteed loans are made by The Prime Financial Group to eligible veterans for the purchase of a home which must be for their own personal occupancy.
To get a loan, a veteran must apply to a lender. (Hopefully us!) If the loan is approved, VA will guarantee a portion of it to the lender. This guaranty protects the lender against loss up to the amount guaranteed and allows a veteran to obtain favorable financing terms.
Favorable financing terms often amount to 1/4 to 1/2% better than the going rate for a 30 year fixed rate mortgage. Due to the availability of 100% financing with no mortgage insurance required, this can result in a rate that is 1% or better than a 90% to 100% loan through traditional channels.
What is the maximum VA Loan amount?
There is no maximum VA loan but lenders will generally limit VA loans to $359,650 This is because lenders sell VA loans in the secondary market, which currently places a $359,650 limit on the loans in 2005
For loans up to this amount, it is usually possible for qualified veterans to obtain no downpayment financing. A veteran's basic entitlement is $36,000 (or up to $89,912 for certain loans over $144,000). Lenders will generally loan up to 4 times a veteran's available entitlement without a downpayment, provided the veteran is income and credit qualified and the property appraises for the asking price.
Who can get a VA loan?
These loans are for those with acceptable proof of eligibility.
Active Duty
If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and provides your date of entry on your current active duty period and the duration of any time lost.
Discharged Veterans
If you were discharged from regular active duty after January 1, 1950, a copy of DD Form 214, Certificate of Release or Discharge From Active Duty should be included with your VA Form 26-1880. If you were discharged after October 1, 1979, DD Form 214 copy 4 should be included. A PHOTOCOPY OF DD214 WILL SUFFICE.....DO NOT SUBMIT AN ORIGINAL DOCUMENT.
Certificate of Eligibility
In order to qualify for a VA Loan, you must have a certificate of eligibility. Here at The Prime Financial Group, we can obtain an ACE (Automated Certificate of Eligibility) for you through the internet.
VA LOANS OFFER THE FOLLOWING IMPORTANT FEATURES:
Visit the VA Website for more information and details
Please call for more information or assistance in obtaining your VA mortgage.
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Harry
Smith
email Harry@dailyinterest.com or reach me by phone Office 1-248-548-7655 Cell 1-248-514-9000 |
Drew
Smith
email drew@dailyinterest.com or reach me by phone Office 1-248-548-7655 Cell 1-248-703-7770 |
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