VA LOANS FOR MILITARY AND VETERANS
If you’re active-duty military, a veteran or an eligible family member of a military veteran, you may qualify for a Veterans Affairs loan. The VA Mortgage is a government-based product offering 100% financing of the reasonable value of the property, with less restrictive qualifying terms than conventional programs.
VA LOAN SPECIFICATIONS*
(1-4 unit, purchase, primary residence only)
30-year Minimum FICO
580 minimum FICO and maximum loan amount of $1,000,000; or
680 minimum FICO and maximum loan amount of $2,000,000
15-year Minimum FICO
580 minimum FICO and maximum loan amount of $1,000,000
Note: For loan amounts greater than > $647,200 the maximum loan amount must include the funding fee when financed (applies to both 15 and 30 year fixed).
HOUSE GRANTS FOR SERVICE RELATED DISABILITIES
Those eligible for an adapted housing grant through Veterans Affairs can get help with a service-connected disability purchase, build an adapted home or adapt an existing home to support their disability.
If you’re a military veteran looking to buy, refinance a VA loan or want to learn more about VA homeownership benefits, let us know today.
*In addition to the eligibility criteria outlined in the presentation that all eligible Veterans and Reservists must meet all VA income, asset, and property requirements. The amount of the VA entitlement or the entitlement plus the down payment must equal 25% of the property’s reasonable value.
VA Purchase Loan Benefits
- One of the primary benefits of a VA loan is that if you qualify, it's 100% financing without requiring mortgage insurance. This could mean hundreds of dollars of savings each year.
- Some states even offer property tax reductions to military borrowers (please consult a tax professional).