Information On A VA Mortgage

You can find most of what you need on the VA website or talk to a Professional Mortgage Banker like myself to find out more.  The requirements will vary by lender but let me give you the basic information.

You will have proof of military service and you can apply online to get your Certificate of Eligibility or I can help you as a lender get it.  It is best to have a middle credit score above 620.    A VA requires ZERO money down on a primary residence and you can get the seller to contribute up to 4% of the purchase price of the home towards your closing costs.

Unlike an FHA loan you will not have a monthly mortgage insurnace premium and the rates are normally the same as the interest rates on an FHA loan.  Just like an FHA loan you will have a one time Upfront Mortgage Insurance Premium charge.  FHA’s is only 1% and VA’s is a minimum of 2.15% when you put no money down depending on what type of veteran you are.  This fee does get added to your loan amount so your financing over 100% which is nice because although it’s a cost you don’t feel it as much since it’s amortized at such a low rate over most likely 30 years.

It is a great loan and I recommend that if you are eligible for a VA loan that you look at it as a serious option.