VA Home Loan Benefits
- No down payment necessary
- Interest rate is negotiable
- Mortgage insurance is eliminated
- Closing costs are similar to other financing types
- The ability to prepay without penalty
- For Veterans who have defaulted on payments, a VA loan can provide assistance
Get a VA Home Loan!
What is a VA Loan?Veteran Mortgage or Veterans Affairs (VA) home loans mortgage are specialized home loans that are offered to people who are currently serving in the United States military or military veterans, or who are eligible surviving spouses of U.S. service members.
Record Breaking Year for VA Home Loans in 2017!
Total VA Home Loans
VA Purchase Loans
VA Refinance Loans
What We Offer
Great customer service
At Veteran Mortgage USA we take pride in our great customer service. Our staff is here for you, so don’t hesitate to contact us if you have any questions, problems or maybe a suggestion. We would love to hear from you.
Superior loans and mortgages
We work with multiple lenders and we can provide our clients with extremely competitive pricing. Now you can do all your comparison shopping with one company without wasting time with several banks or brokers.
Clients come first
We make sure our clients get the best support from our staff. We will walk you through the whole mortgage process and ensure your transactions close smoothly.
What is a VA Home Loan?
The basic intention of the VA loans program is to supply home financing to eligible veterans and to help veterans purchase properties with no down payment. The loan may be issued by qualified lenders.
The VA loan allows veterans 103.3 percent financing without private mortgage insurance (PMI) or a 20 percent second mortgage and up to $6,000 for energy efficient improvements. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA; this fee may also be financed and some may qualify for an exemption. In a purchase, veterans may borrow up to 103.3% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment. In a refinance, where a new VA loan is created, veterans may borrow up to 100% of a property’s reasonable value, where allowed by state laws. In a refinance where the loan is a VA loan refinancing to VA loan (IRRRL Refinance), the veteran may borrow up to 100.5% of the total loan amount. The additional .5% is the funding fee for a VA Interest Rate Reduction Refinance.
VA loans allow veterans to qualify for loan amounts larger than traditional Fannie Mae / conforming loans. Standard VA guidelines state that the VA will insure a mortgage where the monthly payment of the loan is up to 41% of the gross monthly income vs. 28% for a conforming loan assuming the veteran has no monthly bills, although there is no hard limit to the DTI for a VA home loan. Veterans have been known to be approved with a DTI of up to 80%, if there are other factors that strengthen their loan application. These factors include a low Loan-To-Value (LTV), sufficient residual income, additional income received but not used to qualify for the loan, good credit, etc…
The maximum VA loan guarantee varies by county. As of 1 January 2018, the maximum VA loan amount with no down payment is usually $453,100, although this amount may rise to as much as $721,050 in certain specified “high-cost counties
Make sure to fill out a contact form so one of our VA Mortgage Specialist can contact you today.