VA Loans

VA Loans are a great resource for retired and active duty members of our military.  They provide low rates and zero down options.  If you qualify to receive this loan call me so I can put you in touch with a great lender.  They can guide you through the process.  Here are some of the great benefits and also things to be aware of prior to securing this loan.

  • ZERO down payment is required.
  • Fixed interest rate only.
  • No prepayment penalties.
  • Assumable loans (even for non-vets.)
  • Can be used multiple times on your primary residence.
  • Must be owner occupied.
  • 620 credit score required (TIP: Credit Karma is not a reliable source for determining your credit score.  They have been to known to be off by as much as 40 points.  To get an accurate credit score rating you should consult your lender.)
  • Bankruptcies must be 2 years from discharge.
  • Foreclosure must be 2 years old from the date bank takes possession.
  • No non-occupying co-signer allowed.

Things to consider:  Appraisals must come back with property safe, sound, and sanitary.  Any issue must be corrected prior to closing.
There is a 2.15% funding fee for 1st time use 3.3% on subsequent uses.  If you are disabled due to a service related injury the funding fee would be waived.

If you have any questions or need a referral to a lender please call me 208-695-0524.