Here we have a staff that will walk you through obtaining your VA Eligibility Certificate and explain your options. At South Shore Mortgage we offer VA Financing for qualified Veterans.
What is a VA Loan?
A VA loan is a loan guaranteed by the United States Department of Veterans Affairs (VA). The program is for Veterans, military members currently serving in the U.S. military, reservists and select surviving spouses (provided they do not remarry) and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes and new construction. The VA does not originate loans, but does set the parameters for who may qualify and financially guarantees loans that qualify under the program.
The basic intention of the VA home loan program is to supply mortgage loans to eligible veterans and help them purchase properties with 100% financing (no money down).
Advantages of a VA Loan
- The guarantee VA provides to lenders allows them to provide you with more favorable terms, including:
- No down payment as long as the sales price doesn’t exceed the appraised value.
- No private mortgage insurance premium requirement.
- VA rules limit the amount you can be charged for closing costs.
- Closing costs may be paid by the seller.
- The lender can’t charge you a penalty fee if you pay the loan off early.
- VA may be able to provide you some assistance if you run into difficulty making payments.
You should also know that:
- You don’t have to be a first-time homebuyer.
- You can reuse the benefit.
- VA-backed loans are assumable, as long as the person assuming the loan qualifies.
*Example FHA is a purchase for $200,000 with 3.5% as a down payment or $7000, Interest rate is an example at 4% , 4.71% APR.
VA Loan Eligibility
- Satisfactory Credit
- Verifiable income with a 2 year history some exceptions may apply
- Valid Certificate of Eligibility (COE)
- The property must be your primary residence
Fore eligibility requirements to obtain your COE: Click Here
VA Loan Limits
VA Loan Limits follow the Fannie Mae/ Freddie Mac One-Unit Loan Limit Schedule, See below Table
|Units||Alaska, Guam, Hawaii, and the U.S. Virgin Islands|
Apply for a VA Loan
Apply today for your No Money Down, 100% financing VA Loan!