VA Loans

This type loan is available for qualified veterans who’s served our country. This loan is for owner occupied residential structures. VA guarantees the lender against potential loss. The VA collects a funding fee on each loan made to a veteran.

It is funded in the loan and does not come out of the borrowers pocket. It is a onetime fee and there is not mortgage insurance collected monthly as is the case with the FHA loan. A borrower can use this loan to purchase a home with as little as zero down payment. Borrowers can only have one VA loan typically because it is for owner occupancy only. Borrowers can also obtain an VA loan on a home they already own and occupy.

These loans have maximum loan amounts available but varies depending on the County, minimum FICO scores and strict rules for income verification and debt to income ratios. A borrower with a previous foreclosure, short sale and/or bankruptcy can qualify for this type of loan after a set waiting period has elapsed. On Purchase transactions, borrower down payment and/or closing costs can be provided by gift. Financing may be fixed or variable rate loans.

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Ryan Holtz