The Natalya Hill Team - Homespire Mortgage proudly Supports our Military Troops!
Natalya Hill is a Certified Military Housing Specialist through USA Cares.
VA Mortgage Loans
VA (Veterans Administration) guaranteed home loans is are preferred loan program for active, non-active, Reserve, National Guard, and retired military of the armed forces because there is no down payment needed and no private monthly mortgage insurance required.
A VA home loan can be used to purchase a home or refinance an existing mortgage.
VA Does Not Offer Loans Directly and Does Not Guaranty You Will Qualify.
VA does not actually lend the money to a borrower directly. VA guarantees the lender that if a borrower defaults on loan, they will pay the lender a percentage of the loan balance. The word guarantee does not actually guaranty the veteran will qualify for a VA home loan. This term can be bit confusing.
Primary Benefits of a VA Home Loan:
- 100% Financing/ No Down Payment Required
- No monthly (PMI) private mortgage insurance
- VA limits closing costs buyers can pay
- The loan is assumable, subject to VA approval of the assumer’s credit
- 30 Year Fixed Rate / ARM Rates Available
- Seller can pay up to 4% of the veterans closing costs and even pay down your debt to help lower your debt-to-income ratio
- Interest rates are typically lower that Conventional Loan and similar to FHA rates
- You don’t need perfect credit
- No Pre-Payment Penalty
- Funding Fee is waived for disabled veterans
Who is Eligible for a VA Home Loan?
Veterans with active duty service, that was not dishonorable, during World War II and later periods, are eligible for VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days of service.
Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days of active service. Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16,1981, must in most cases have served at least 2 years.
VA Documentation Needed:
The three specific pieces of documentation a lender will need to determine your eligibility is a DD214 for discharged veterans, a statement of service for active military personnel, and a certificate of eligibility (COE) to determine you have VA entitlement.
Because each lender has different qualifying guidelines, the next step is to contact your lender to find out if you meet their qualifying criteria such as minimum FICO/credit scores, debt-to-income (DTI) ratios, and find out what your county’s maximum loan amount is. Your lender can help you attain your certificate of eligibility on your behalf.
EEM - Energy Efficient Mortgage Options - Please contact me for me more details about this Special Program
Frequently Asked Questions:
Q: Are the children of a living or deceased veteran eligible for the home loan benefit?
No, the children of an eligible veteran are not eligible for the home loan benefit.
Q: How can I obtain proof of military service?
Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA.
Rather, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.
Q: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?
The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit.
What is a VA Loan?
A VA loan is a mortgage loan program established by the United States Department of Veterans Affairs to help veterans and their families obtain home financing. The Department of Veterans Affairs does not directly originate VA loans; instead, they establish the rules for those who qualify, dictate the terms of the mortgages offered and insure VA loans against default.
The VA Loan Program
There are more than 25.5 million Veterans and service personnel eligible for VA Financing. The VA Loans offer many advantages. Keep in mind that VA Loans are only for Veterans who served active duty and have a discharge other than dishonorable after serving a minimum of 90 days during wartime or a minimum of 181 continuous days during peacetime. There is a six-year requirement for the National Guard and Reservists that meet certain criteria.
The VA Loan is one of the only programs remaining that does NOT require a Down Payment and does NOT charge monthly PMI (Private Mortgage Insurance). It also offers a Fixed Rate that in most cases is lower than a Conventional Loan. The Closing Costs can be paid by the Seller.
It is always best to get Pre-Qualified/Approved for the loan before looking at homes. This important step will help avoid frustration and costly mistakes. After providing the lender with the information needed, they will tell you how much you qualify for and you can begin looking at homes in your approved price range.
If you do not have a Real Estate Agent, we will help you find one. We will provide a Pre-Approval letter for you to present with your offer. This will ensure the seller you are serious and can close quickly.
For a Veteran that already has a VA Loan, there are a few different ways to lower the interest rate and payments by refinancing. The VA Streamline Refinance is sometimes referred to as an IRRL (Interest Rate Reduction Loan). It lowers the current interest rate, requires less documentation and has minimal costs. The Cash-Out Refinance option permits a Veteran with equity in their home to access and use it to pay off other high interest debts, make home improvements, pay college expenses, etc.
With home prices and interest rates at record lows it has never been a better time to purchase a new home or refinance a high interest mortgage loan and begin saving money each month. Our NC Team specializes in VA Loans, call me or complete our user friendly on-line application and find out how easy it is to purchase a home using the VA Home Loan.
Call Natalya and her Team for more details about VA Home Loans