VA Loans are Designed to offer long-term financing to veterans using 100% financing with no down payment. Using Seller or Lender credit towards closing cost could allow the buyer to come in with no cash out of pocket. VA mortgage loans are issued by federally qualified lenders such as Maciel Mortgage, and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender. It is generally easier to qualify for a VA loan than conventional loans. There are no income restrictions.
Common VA Loans Questions:
What credit score do I need to qualify?
- VA financing does not have a minimum credit score, but most lenders require a score of 580 or higher.
How much of a down payment is required, if at all?
- No down payment is required for most VA buyers. Your loan officer will be required to pull your Certificate of Eligibility (COE) from Veteran Affairs to confirm the ability to use a VA home loan and if a down payment would be required.
Is there a limit on purchase price with a VA Loan?
- VA does not have a max loan limit.
What is a VA Funding Fee?
- The VA charges the borrower a one-time funding fee that can be financed in your loan. There are a handful of funding fee exemptions for borrowers who receive compensation for service-connected disabilities. The borrower’s certificate of eligibility will document if a funding fee is required.
Is a VA home loan always the best option for Veterans / service members?
- If you prefer little to no down payment the VA loan is tough to beat with low interest rates and no monthly mortgage insurance (sometimes called PMI / private mortgage insurance). If a borrower prefers to come in with a large down payment, the Loan Officer should evaluate all options allowing the Veteran / service member to make an educated decision on what loan type makes the most sense.
With the close proximity of the Lemoore Naval Air Station this has proven to be a valuable asset for Military veterans in Lemoore, Hanford, and all of Kings, Fresno, and Tulare counties. For more information call us at 559-589-6044 or email one of our trusted loan officers at loanofficers@macielmortgage.com.
