VA Loans

What is a VA Mortgage Loan?
A VA loan is a home mortgage loan that’s guaranteed by the U.S. Department of Veterans Affairs.
Although not every bank or lender offers the VA loan, there isn’t a shortage of qualified lenders.
Who can benefit from a VA Mortgage Loan?
VA loans were designed specifically to American veterans and/or their surviving spouses (who haven’t
remarried). The main reason why American veterans would apply for a VA loan is because of the no down
payment option that’s available through this program. That means veterans can purchase a home at 100%
financing with no mortgage insurance or without having to take out a second mortgage to qualify for
no down payment home purchases.
Other benefits of VA Loans;
Aside from the VA funding fee of up to 3.3% (which can also be financed), there aren’t other fees to
the U.S. Department of Veteran Affairs required such as up front mortgage insurance.  Because of
this, and the fact that there isn’t any monthly mortgage insurance payments, a VA loan borrower can
use more of their income to qualify for a home compared to a mortgage with mortgage insurance.
This helps in qualifying for a larger loan with the same payment as someone paying a smaller mortgage
payment with mortgage insurance.
In addition to not paying monthly mortgage insurance, still another benefit of VA loans is the
opportunity to qualify for a payment of up to 41% of the monthly gross income compared to 31% for a
conventional loan (assuming there is no other credit debt such as auto loans or credit card debt).
Finally, with VA loans, the seller is allowed to pay all of the home buyers closing costs as long as
it doesn’t exceed 4% of the purchase price.
What do I need to bring to my appointment if want a VA loan?
Other than your typical financial documents required for any other type of loan, you’ll need your
Certificate of Eligibility. The Certificate of Eligibility is a document issued by the VA that lets
lenders know you are eligible to apply for a VA loan.
Although you have a Certificate of Eligibilty, it does not guarantee that you’ll be approved for the
VA loan that you apply for.  The VA loan is still subject to normal qualification for a home
mortgage, although many times, its much easier to get qualified that conventional loans.
What’s my next step?
All you have to do is call our office at 847-487-9915 or use the form on this website and schedule an
appointment to get assessed on the best loan suitable for your situation. Best of all, its absolutely
free with no obligations.

What is a VA Mortgage Loan?

A VA loan is a home mortgage loan that’s guaranteed by the U.S. Department of Veterans Affairs.  Although not every bank or lender offers the VA loan, there isn’t a shortage of qualified lenders.

Who can benefit from a VA Mortgage Loan?

VA loans were designed specifically to American veterans and/or their surviving spouses (who haven’t remarried). The main reason why American veterans would apply for a VA loan is because of the no down payment option that’s available through this program. That means veterans can purchase a home at 100% financing with no mortgage insurance or without having to take out a second mortgage to qualify for no down payment home purchases.

Other benefits of VA Loans;

Aside from the VA funding fee of up to 3.3% (which can also be financed), there aren’t other fees to the U.S. Department of Veteran Affairs required such as up front mortgage insurance.  Because of this, and the fact that there isn’t any monthly mortgage insurance payments, a VA loan borrower can use more of their income to qualify for a home compared to a mortgage with mortgage insurance.

This helps in qualifying for a larger loan with the same payment as someone paying a smaller mortgage payment with mortgage insurance.

In addition to not paying monthly mortgage insurance, still another benefit of VA loans is the opportunity to qualify for a payment of up to 41% of the monthly gross income compared to 31% for a conventional loan (assuming there is no other credit debt such as auto loans or credit card debt).

Finally, with VA loans, the seller is allowed to pay all of the home buyers closing costs as long as it doesn’t exceed 4% of the purchase price.

What do I need to bring to my appointment if want a VA loan?

Other than your typical financial documents required for any other type of loan, you’ll need your Certificate of Eligibility. The Certificate of Eligibility is a document issued by the VA that lets lenders know you are eligible to apply for a VA loan.

Although you have a Certificate of Eligibilty, it does not guarantee that you’ll be approved for the VA loan that you apply for.  The VA loan is still subject to normal qualification for a home mortgage, although many times, its much easier to get qualified that conventional loans.

What’s my next step?

All you have to do is call our office at 847-487-9915 to set up an appointment or schedule an appointment on this website to get assessed on the best mortgage loan suitable for your situation. Best of all, its absolutely free with no obligations.