Mortgage Capital is the best choice if you are looking for a VA veteran home mortgage loan. Our company prides its years of experience in offering service members the best VA home loans available today.
We target active duty service members, eligible family members of soldiers, and veterans, as a means of giving back to the people who keep our country protected.
All of our VA mortgage rates are competitive and can offer up to 100% loan-to-value financing so you can get your dream home fast.
What is a VA Home Mortgage Loan for Veterans?
A VA home mortgage loan is a mortgage option fully supported and backed by the government and is available for military veterans, active soliders, and spouses and immeidate family members of active and retired personnel.
Meanwhile, VA loans are made by private lending companies similar to how banks and mortgage firms work. Take note, though, that these aren’t created by the Department of Veterans Affairs, as what many people think.
VA home mortgage loans also usually provide more generous terms compared to other mortgage options.
What also makes these kinds of loans more attractive is that they do not require downpayments and mortgage insurance, which means less expenses for the borrower. There are also no prepayment penalties in case you pay your monthly dues late.
VA Veterans Home Mortgage Loan Requirements
The main requirement of VA veterans home mortgage loan is credit score. Although most lenders aren’t too keen on this, it’s safe to prepare a credit rating of at least 620. This way, you don’t have to worry about being qualified for the loan.
You should also complete a minimum of 90 days in active duty service for you to qualify. Aside from that, you should also complete at least six years of service in the military.
Another requirement is for you to serve a minimum of 181 days of active duty service off combat and during peacetime. Even spouses of military service members, whether alive or not, are qualified for a VA veteran home mortgage loan.
How Do Veterans Qualify for a 0 Down VA Veterans Home Mortgage Loan?
All veterans who have served are qualified for a zero downpyament when applying for a VA veteran home mortgage loan.
However, you should have clocked in at least 90 consecutive days as an active duty soldier on wartime or 181 consecutive active duty days in peacetime. Even those that are in the Reserve or Guard are qualified, but should have logged 6 years.
What Does Veterans First Mortgage Charge for a VA Home Mortgage Loan?
VA home mortgage loans charge veterans a number of fees, with appraisal, compliance inspection, and funding being the first ones.
A credit report fee should also be submitted, alongside a one percent origination fee, hazard insurance, and assessments.
Survey fee, mailing, flood zone determination, and Mortgage Electronic Registration System (MERS) also come as additional expenses for a veteran home mortgage loan. It might seem too much, but these are way lower than other home mortgage loan types.
How to Get a VA Veterans Home Mortgage Loan
For you to qualify a veteran home mortgage loan, you should first provide a Certificate of Eligibility to the lending firm you are applying to.
You need to get a proof of serv ice in order for you to obtain a COE. You are also qualified if you meet the minimum number of active-duty service of at least 90 days. Note, though, that you shouldn’t have a break in service for you to qualify.
How much is the Mortgage Insurance Premium on a Typical VA Home Mortgage Loan?
FHA loans come with a mortgage insurance premium as this is a common requirement for all home mortgages.
The nice thing about VA home mortgage loans is that there is none. No mortgage insurance premium for all borrowers.
What’s even better is that there are no additional monthly costs, letting you save more. This can easily add up to tens of thousands of dollars over the course of a 30-year loan.
The average mortgage insurance cost different by loan mortgage program. But the usual range is around 0.5% to 1.5% of the total loaned amount annually. The annual premium is divided into smaller monthly installments and are added to your total mortgage payment every month.
How to Refinance a VA Veterans Home Mortgage Loan
What usually happens is that you are unable to refinance until 210 days from your first mortgage payment due. You should also have a minimum of 6 on-time monthly payments. Note that seasoning guidelines vary from lender to lender.
How to Qualify for a VA Veterans Home Mortgage Loan
You can qualify for a VA veterans home mortgage loan if you have completed a minimum of 90 days in military active duty service. Another qualification to make is getting at least six years of active service in the National Guard or as a Reserve.
A minimum of 181 days active duty service is required if you have served during peacetime. Even military service member spouses are eligible to apply for a VA veteran home mortgage loan.
VA Veterans Home Mortgage Loan Limits 2024
The standard VA veteran home mortgage limit has increased from $726,200 in 2023 to $766,550 in 2024 for most states.
However, this can go as high as $1,149,825 for high-valued states like California, with some topping out at $1,149,825. Note, though, that VA home mortgage loan limits don’t represent a max loan cap amount.
Mortgage Capital can help you get apply and qualify for a VA veteran mortgage loan. Simply provide all the requirements provided and we will do our best to facilitate the entire process in the smoothest and most seamless way possible.
Our home mortgage loan specialists are experts when it comes to ensuring you get the best loan choice that fits your needs, budget, and preferences.
