A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA), available to most U.S. service members. This type of loan offers great benefits to those who have served our country, such as no down payments and minimal closing costs. If you are searching for mortgage loans for veterans, the experts at Superior Rate Mortgage of New England are ready to help.
As a rule of thumb, almost all active duty or honorably discharged service members are eligible for a VA loan.
You may be eligible for a VA loan if any one of these statements describes you:
The VA funding fee is paid directly to the Department of Veterans Affairs to guarantee a loan. This fee ranges from 1.4% to 3.6% of the loan, depending on these factors:
In general, first-time applicants and borrowers who make a larger down payment qualify for the lowest funding fees. You can pay it as a lump sum at closing or include it in the loan to pay over time.
The funding fee is separate from a down payment and other closing costs, such as an appraisal, title and escrow. In some cases, the seller may cover these expenses. Check with a VA loan officer for more information about the fees you can expect to pay.
If you already have a VA loan, consider a VA streamline refinance as a way to lower your rates or pay off the mortgage faster. The funding fees may be lower for this type of loan, and the process could be much quicker. As a VA loan mortgage broker, we at Superior Rate Mortgage are happy to help you determine if refinancing is the right choice.
These materials are not from HUD, VA, or FHA and were not approved by HUD or any other government agency.
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