Blog Details

 January 14, 2020

VA Loan Benefit

100% FINANCING ON VA HOME LOANS

The Department of Veterans Affairs has created mortgage programs designed specifically for military personnel, veterans, and surviving spouses of those who have so valiantly served our country. VA mortgage programs are among the most important benefits available to our military.

VA HOME LOAN PROGRAMS:

  • VA Home Purchase and Refinance (IRRRL’s) 100% financing
  • VA Renovation Loans
  • VA One Time Close Construction Loans

VA HOME LOAN PURCHASE AND REFINANCE:

ELIGIBLE BORROWERS

■ Active duty ■ Veterans ■ Reservists ■ National Guard ■ Surviving spouses

ELIGIBLE TRANSACTIONS

■ 1- to 2-unit primary residences
■ Non-owner occupied residences allowed for IRRRLs
■ VA approved condos and PUDs
■ Manufactured housing
■ Purchase transactions
■ Cash-out (Type I and Type II)
■ Jumbo VA program also available

PROGRAM HIGHLIGHTS

■ No minimum repair amount
■ Minor alterations, cosmetic repairs, and non-structural repairs allowed — including accessibility upgrades
■ 10-, 15-, 20-, 25-, and 30-year fully amortizing fixed rate terms available
■ Purchase and regular (non-IRRRL) refinance transactions permitted
■ 1- to 2-unit primary residences, including manufactured housing permitted

The VA Renovation Loan Program is a government-backed initiative designed to help active duty military personnel, reservists, veterans, and surviving spouses. Purchase and refinance options are available — with either option providing funds for minor alterations, repairs, and improvements as part of the same mortgage. It’s perfect for those looking to do repairs such as repainting, fixture swaps, or accessibility upgrades such as ramps and rails. And as with other VA loan products, borrowers can take advantage of a “no money down” option along with traditionally low interest rates.

VA RENOVATION LOAN PROGRAM:

PROGRAM HIGHLIGHTS
■ No minimum repair amount
■ Minor alterations, cosmetic repairs, and non-structural repairs allowed — including accessibility upgrades
■ 10-, 15-, 20-, 25-, and 30-year fully amortizing fixed rate terms available
■ Purchase and regular (non-IRRRL) refinance transactions permitted
■ 1- to 2-unit primary residences, including manufactured housing permitted

ONE TIME CLOSE CONSTRUCTION TO PERMANENT LOANS:

Why worry about re-qualifying or incurring additional costs? Designed for manufactured, modular, and stick-built housing, this program offers an all-in-one financing option for construction, lot purchase, and permanent mortgage funding with one closing. Because the permanent loan is closed before construction begins, there is no need to re-qualify the borrower, simplifying the construction and purchase process.

PROGRAM HIGHLIGHTS:

  • VA: 100% not including VA funding fee
  • VA: 15- and 30-year fully amortized fixed
  • New multi-wide manufactured housing, modular housing, 1-unit stick-built housing

Contact us today to review your VA Home Loan options.