VA Loans
What is a VA Loan?
VA home loans, also known as Veteran Affair Loans, are provided by private lenders, like mortgage companies and banks. These loans are exclusively offered to veterans, active-duty military personnel, and eligible surviving spouses. These exclusive loans can allow individuals to save hundreds to even thousands of dollars when either purchasing or refinancing their home.
What are the Benefits of a VA Loan?
No Money Down
VA Loans Require so you can finance up to 100% of the home’s value. Which means less money out of your pocket.
Lower Mortgage Payment
VA Loans typically have a lower mortgage payment since VA loans do not require Private Mortgage Insurance (PMI).
Low Interest Rates
VA Loans traditionally have some of the lowest interest rates compared to other mortgage programs.
Easier Refinancing
VA Loans can be refinanced easier and cheaper potentially without an appraisal. The VA Interest Rate Reduction Loan (IRRL) allows veterans and their families, currently in a VA Loan, to refinance to a lower rate with fewer fees, no appraisal, or income qualifications needed.
Lifetime Benefits
VA Loans have a lifetime, reusable benefit.
The Process
The process of obtaining a VA loan is simple. First get preapproved, then shop for your home, make an offer, and go through the normal underwriting and appraisal processes before closing. The only real difference is your lender will verify your eligibility for a VA loan with your Certificate of Eligibility (COE).
Exclusive Mortgage, LLC is proud to offer VA Loans to those who have served our great nation. If you are a veteran or an active military member, you have earned this VA Loan benefit!
Know Your Mortgage Payment
Based on the home’s sale price, the term of the loan, the buyer’s down payment percentage, and the loan’s interest rate, this calculator can help estimate what you’ll need to pay out monthly for your new home. This calculator factors in PMI (Private Mortgage Insurance) for loans with less than a 20% down payment, as well as town property taxes and the effect on the total monthly mortgage payment.
Buying a home is a big step! Whether you’re buying your first home, your dream home, or your tenth investment property, it will be a big investment. Finding the perfect property is just one way we can help you with your real estate purchase.
In order to determine the amount of home you can afford, a mortgage broker will use your debt-to-income ratio to determine the percentage of your pre-tax income you spend on debt. Your debt ratio will include monthly housing costs, car payments, credit cards, student loans, and any other installment debt. If you take on more debt before buying a home it will have an impact on the amount of the loan that the lender will finance.
