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VA Loans

The VA mortgage loans are one of the best and safest methods to use when buying a home. Now even active duty personnel can qualify. If you are a Disabled Veteran, you may qualify for additional benefits on a VA home mortgage loan. The VA Home Mortgage Program does not limit the number of times a veteran may use the program.

The VA mortgage loans extend to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen.

The Veterans Benefit Act, signed recently increased the VA loan limit to $417,000 for a loan with no money down. It increased the eligibility Veteran and of active duty personnel and increased the benefits to Disabled Veterans.

 


Some of the benefits of the VA Mortgage Loan Program are:

• The VA Mortgage Loans is guaranteed for no money down up to $417,000

• No monthly mortgage insurance is required

• Many VA Mortgage Loans are assumable

• It is easier to qualify for a VA Loan than a conventional loan

 

• VA Mortgage Loans can be refinanced
 

You do not have to put any money down to qualify for a VA Home Mortgage Loan for up to $417,000. If the seller agrees to pay the closing costs, you may be able to purchase the home with no out of pocket cost. The loan and sales contract can be set up so that the VA Home Mortgage Loan cover 100% of the selling price and the seller covers the closing cost.

 

The VA Funding Fee

The Veterans Administration assesses a Funding Fee to all VA loans between .5% and 3.3% of the loan amount. The fee is added into the amount of the loan to be paid over the life of your VA home mortgage loan. The VA Funding Fee replaces the much higher priced Mortgage Insurance required when you get a conventional home loan. If you are a Disabled Veteran, you may qualify to get the fee waived completely.

 

Assumable VA Mortgage Loans

VA loans are also assumable. If the person assuming the mortgage is a veteran with VA eligibility, the original veteran will not be giving up the amount of eligibility that they used to get the loan a the beginning. Veterans should use great care and closely investigate the terms of an assumption before allowing someone to assume their mortgage. It is too great a benefit to give up.

 

Qualifying for a VA Mortgage Loan

The VA offers excellent qualifying standards.  Even if you have experienced some financial difficulties in your life that caused your scores to be low but have maintained a good payment record over the past year or so, you may qualify for a VA mortgage loan. This can be a tremendous savings compared to the cost of conventional loans when the borrower's credit scores are low.

 

VA Mortgage Loans may be refinanced

VA mortgage loans have built in features allowing a loan to be refinanced to a lower interest rate without all of the criteria normally associated with a conventional loan. This is called an Interest Rate Reduction Loan; the veteran can secure a lower interest rate without any credit checks, appraisal, and income or asset verification and can roll the costs of the transaction into the loan so there are no out of pocket costs.

 

 
 

Refinance

We can assist you in locking a long-term fixed rate or refinance and get cash out.  We can help!  To get started click here

Purchase

Purchasing a home will likely be one of the most important investments you'll ever make. We can help!  To get started click here

FHA loans

FHA home loans provide higher loan to value, lower rates and enable more people to qualify.  We're FHA experts... We can help!
To get started click here

 

 

 

Licensing Information  -  William Lyon Mortgage, LLC Licensing Disclosure

William Lyon Mortgage, LLC is a Delaware Limited Liability Company headquartered at 3420 Bristol Street, 6th Floor, Costa Mesa, CA 92626. Company NMLS #1189778 (www.nmlsconsumeraccess.org). William Lyon Mortgage, LLC is licensed, registered, or exempt from licensing to conduct business in the following states which require license disclosure on advertising materials: Arizona Mortgage Banker #0928369; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act and the California Finance Lender Act. For State of Nevada residents William Lyon Mortgage, LLC is a mortgage lender promoting the loan products or services contained in this article; the business phone number that William Lyon Mortgage maintains on file with the State of Nevada Department of Business and Industry is (949) 476-5491. William Lyon Mortgage, LLC is an approved FHA and VA lender offering many loan products, and is not acting on behalf of or at the direction of HUD/FHA or the Federal government. Contact a William Lyon Mortgage Representative to learn more. This is not a commitment to lend. ©2017 William Lyon Mortgage, LLC. All Rights Reserved.