Veterans Affairs (VA) Mortgage loans

Veteran’s Affairs VA Mortgage Loans

VA loans are offered with no down payment to most members of the military, veterans, reservist, National Guard members, and spouses of military personnel who were killed in active duty. Credit scores of 620 or higher are required of borrowers. VA loans must be used only to finance a primary residence for military members and their families. In most parts of the country the top loan amount for a VA loan is $417,000 but can go as high as $625,000 in some counties. The fees that end up being paid on this particular loan are rolled into the total loan amount allowing up to 103.3% financing. Having a no money down loan means that military families who are often living check to check are still able to achieve the dream of home ownership. The VA does not actually lend the money to the veterans but, rather they insure the loans with the providing lender. Click here for more information on VA loans from The US Department of Veterans Affairs. A good lender will look at all loan options for what best fits your individual needs and provide you with their recommendation. We deal with V mortgages on a regular basis and would be happy to answer any questions you may have regarding this type of loan program.