va home loans

features and details

va home loans

features and details
VA loans provide an extraordinary opportunity to those that have served our country. Veteran Administration loans do not require a down payment and limit the amount of closing costs and fees charged.

Features and Details

  • Loans available to qualifying veterans
  • 100% financing up to $647,200
  • No monthly mortgage insurance is required
  • Owner occupied property only
  • Minimum 620 credit score
  • Gift funds are allowable
  • 30, 20 and 15-year options available with competitive rates
  • Bonus entitlement can be used to purchase a second property with VA benefits
  • 4% seller-paid concessions, PLUS bona fide closing costs
    • The seller may contribute up to 4% of the sale price, plus reasonable and customary loan costs.  Total contributions may exceed 4% because standard closings costs do not count toward the total.  According to VA guidelines, the 4% rule only applies to items such as:
      • Prepayment of property taxes and insurance
      • Appliances and other gifts from the builder
      • Discount points above 2% of the loan amount
      • Payoff of the buyer’s judgments and debts
      • Payment of VA funding fee
      • Example of the 4% rule plus bona fide closing costs:
        • A buyer’s core closing for things like appraisal, loan origination and title equal 2% of the purchase price.  The seller agrees to prepay taxes, insurance, the VA funding fee, and a credit card balance equal to 3% of the sales price.  The 5% contribution would be allowed because 2% is going toward bona fide loan closing costs.