No I don't mean loans in Virginia, I am talking about Veteran loans. If you are eligible for a VA loan this is the best route to take in today's mortgage market. The first VA loan I did was almost seven years ago and we had to basically switch to a VA loan under the radar. It was hard to get sellers to accept a VA contract because some of the fees are paid by the seller and the appraisal process is more stringent.
That is no longer the case because VA loans are the only option in urban areas to get a low rate 100% loan with no mortgage insurance. If you already have the loan with VA you can still do a streamline called an IRRL that allows you to refinance to 100% of the value of the property with no appraisal, income or assets. You can also do a cashout to the same 100% under 417k and purchases up to the county loan limits at 100%. Around the DC area the county limits are currently $812,500 but that is going down slightly for 2010. The new maximum limit will still be $768,750
in the surrounding areas. Please check with me for the county information if you are unsure.
There are so many other great features for the veteran and possibly the people who purchase the home from the veteran someday.
The loans are assumable when you sell the home.Closing costs are limited by VA
For example we don't charge a processing fee and either waive or pay the bank administration fee on your behalf. Additional assistance is available thru VA if you have difficulty paying the mortgage in the future. There is no prepayment on any VA loans. You can get a loan with a credit score of 640. You also don't have to be a first time homebuyer, the benefits can be reused multiple times.
If you receive disability benefits you can have the funding fee waived.
You are allowed up to 4% in seller financed help. Only certain parts can be considered part of the concession though. For example discount points are not an allowable closing cost to be financed.
As you can see there are so many advantages to having or using your VA benefits whether to refinance or purchase. I love doing VA loans and working with veterans. I decided years ago to become a VA expert and help as many people as I possibly can. That's why I offer a discount to every veteran who closes their loan with me and also reduce other rates and fees. Upon request I can provide you dozens of veterans who can tell you that I routinely beat all the specialized VA lenders you will find on the Internet. Contact me today and find out what I can do to help you. Thank you for your service to our nation.
Sincerely,
Brent Mendelson
VA Loan Oficer
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