VA Mortgage Loans

Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.

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Here’s how it works:

• 100% financing without private mortgage insurance or 20% second mortgage.

• A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan amount is paid to the VA.

• When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.

• When refinancing a home, veterans may borrow up to 100% of reasonable value in order to refinance where state law allows.