Veteran home Mortgages

The Veteran mortgage loans are one of the best loan products on the market today.  We owe our lives to our brave men and women and we are honored to do so many VA loans at Wain Capital. 

There are many great benefits to the VA Home Mortgage Program. The zero percent down payment options with lower interest rates allow our Veterans to have more flexibility when buying or refinancing a home.  If a veteran has a service connected disability they may get the VA funding fee waived. The program does not limit the number of times a veteran may use the program. Lastly, the VA mortgage loans extend to active and retired Army, Navy, Air Force, Marines, Reservists, and National Guardsmen.

More advantages of the VA Mortgage Loan Program:

• $0 Down 
• Low rates, specifically on 30 yr fixed loans
• Jumbo VA - Loan sizes can go over the County limit with a down payment
• Many VA Mortgage Loans are assumable
• No monthly PMI regardless of down payment

You do not have to put any money down to qualify for a VA Home Mortgage Loan for up to $2,000,000. If the seller agrees to pay the closing costs, you may be able to purchase the home with no out of pocket costs. 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.

VA loans a VA funding fee that ranges from 0.5% of the loan size to 3.3% of the loan size.  The VA funding fee is typically financed on top of the base loan size, but the Veteran has the option to pay for it all at once come closing time rather then financing it.

Veterans with service connected disability have their VA funding fee waived.

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 at 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.

The VA offers excellent qualifying standards. VA loans have less price adjustments for lower credit scores (compared to conventional loans). 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 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 Refinance Loan; the veteran can secure a lower interest rate without an 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.