What is a VA home loan?
The department of Veteran Affairs also supports our Veterans by guaranteeing home loans for those who served. Both active duty and retired members can utilize this amazing benefit. A VA loan is one of the best ways to purchase primary residence.
Some highlights of VA loans are:
- 0% down payment
- 0% down one-time close construction loans
- NO mortgage insurance
- Low interest rates compared to conventional lending
- No maximum loan amount
- Relaxed underwriting standards
- 2-4 Unit Properties are OK
- 90-100% Cash-Out Refinancing
The VA helps fund the program by charging a funding fee that can be financed into the loan. The fee ranges depending on the loan type and if the borrower is a first-time user. The funding fee is waived for those with a service-connected disability.
0% Down VA Construction Loans
Veterans can buy a plot of land and build their dream home using a VA loan with 0% down payment. And unlike other programs, there is no maximum loan amount for VA financing. Flathead Valley Mortgage is now offering one-time close VA Construction Loans. Get in touch with us to learn more about how VA benefits can get you into your dream home.
VA Loans can be used more than once
An important thing to remember is that VA loans can be used as many times as a veteran chooses as long as they still qualify. Qualifying applicants include veterans, active duty service members, and surviving spouses. However, you will most likely need to pay off the entirety of your first VA loan in order to restore your entitlement in full.
How we can help you secure your VA loan in Whitefish, Kalispell or the greater Flathead Valley
Like other government-backed loans, VA home loans require an experienced team to help you navigate the more robust requirements of this program. Our team understands the VA lending process and are committed to helping Veterans get into the home of their dreams. VA loans also have higher minimum property standards and have extra requirements for rural properties.
Working with the VA can be time-consuming. We coordinate directly with the VA Regional Loan Center to instantly ensure your eligibility and will take care of all required paperwork on your behalf.
We offer streamlined refinances if your financial situation has improved or interest rates have dropped. We can skip the underwriting and appraisal requirements to quickly lower your monthly payment.
Need cash? The VA is the only program to allow cash-out financing past 80% loan-to-value. In certain instances, you can pull 100% equity out of your home.
Do I Qualify?
To determine if you qualify, lenders review your total monthly debt (proposed housing payment + regular monthly debt) as a percentage of your total gross monthly income. The acceptable percentage (DTI) will vary depending upon the specific loan program for which you apply.