VA Mortgage loans are making a comeback and are a viable financing alternative for veterans looking for a fixed-rate loan with little or no money down. The loans are federally insured and are available through local banks and mortgage brokers around the country.
If you’re an honorably discharged veteran, are currently serving on active duty or have completed a total of six years of service in the National Guard or selected reserves, you are eligible for a loan. Certain surviving spouses of veterans are also eligible.
Loan limits are $417,000 in most areas of the country but are higher in certain regions. We are seeing a lot of activity in VA loans because there aren’t many options for no-money-down loans and rates are at record lows.
VA guaranteed loans waive the requirement of PMI (Private Mortgage Insurance) most lenders require for loans with down payments of less than 20 percent. Sellers may also assume a portion of closing costs VA Loans are only available for owner-occupied homes. Call or fill out our quick quote form and have an answer back in less than 30 min.
Compliance Statement :All loans are subject to credit & property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply. 7th Level Mortgage, LLC NMLS#: 1003861