There are more than 25 million Veterans eligible for a VA loan. VA Loans are one of the best loan programs available and they are also one of the most underutilized of all Veteran benefits. VA loans allow 100% financing on loans up to $417,000 as wells as offering loans with very low down payments up to $1,000,000. We have Veterans close daily with little to no money out of pocket. The VA loan allows up to a 4% seller contribution to cover most closing cost and prepaid items. Unlike conventional loans VA loans allow Cash out refinances up to 90% of the home value.
With a VA loan there is no monthly mortgage insurance, VA loans are for primary residences only.
For Reservist and National Guard veterans there must be minimum of 6 years served.
Eligibility for the VA loan is defined as Veterans who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime. If you would like to speak to an expert regarding a VA loan please give us a call.
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