VA LOANS
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.
Disclaimers:
*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.
Movement VA Boost: Lower Upfront Costs for Qualified Military Families
The Movement VA Boost program offers military families an easy path to homeownership by providing a repayable second lien to help cover closing costs.* This program adds to the powerful benefits of VA loans, helping eligible veterans, active-duty service members, and their families to secure homes with minimized out-of-pocket expenses. With additional financial support, helping to lower closing costs, Movement VA Boost can make your homebuying journey smoother.
*All eligible Veterans and Reservists with full entitlement must meet all VA income, asset, and property requirements. Program provides a 2% repayable second lien to cover your closing costs. Must be Single-family homes, multi-family homes up to 2 units, condos, manufactured homes (with restrictions). 30- year fixed-rate maximum. VA loans require a VA Funding Fee that may be financed into the loan or paid out of pocket at closing. Other VA-permissible fees may apply. Additional restrictions apply. Movement Mortgage is not affiliated, endorsed, or sponsored by the Department of Veterans Affairs or any other government agency. Programs, rate, terms and conditions are subject to change without notice.
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).
November 13, 2024
