VA Mortgage Loans

VA Home Loans

ZERO Down VA Mortgage Loan

Get Cash Out To 100% Loan To Value

Veterans and Active duty military personal deserve to have the ability to purchase real estate with no money down.  The Federal Veterans Home Loan Program offers 100% financing to our veterans.  Often the down payment and the costly closing costs discourage people from buying a home.  We can also ask the sellers on the transaction if they can contribute to the closing costs of the mortgage. 

NO MORTGAGE INSURANCE

Not having to pay an additional monthly amount for Mortgage Insurance can increase your purchase power.

LOW CLOSING COSTS

VA loans are monitored by the Federal Government and have maximum allowable fees, but good banks will be competitive.

 

What is a VA Loan?

The VA Home Loan is a mortgage loan dedicated to the men and women that served our county though out or armed forces.   VA loans are originated by private lenders but are guaranteed by the US Department Of Veteran Affairs.   The VA home loan had its induction in 1944 as a means to serve the men and women that have helped protect our country without the need for a large down payment or an excellent credit record.   The VA Home loan has helped over 22 million Americans achieve the dream of home ownership and is truly important product to service the men and women that have kept us safe for so long.

Why is a VA loan good for a Veteran?

  1. VA loans don’t have mortgage insurance
  2. $0 Zero down payment
  3. Sellers can contribute to a purchasers closing costs
  4. 100% LTV cash out refinance options
  5. Competitive Interest Rates
  6. Loans guaranteed by US Government
  7. Easier to quality
  8. Less out of pocket expense for securing a home

 

VA Loan Eligibility Requirements

The Department Of Veteran Affairs ultimately decides on who is eligible for the VA home loan program but the prospective buyer can get a good idea by looking at the basic eligibility guidelines.

You may be eligible to a VA home loan if you meet one or more of the following

  1. You served 90 consecutive days of active service during wartime.
  2. You have served 181 days of active service during peacetime
  3. You have more than 6 years of service of National Guard Or Reserve duty
  4. You are the surviving spouse of a service member who died in the line of service duty.

 

VA Income Requirements

VA loans like all other loans do require that the borrower has the ability to repay the loan and afford the mortgage payments each month.   Lenders will need to establish your debt to income level and will need to meet the requirement set forth for Veteran Home Loans.   Unlike other mortgage loans Va home loans have a residual income calculation as well as the normal debt to income ratios.   Residual income also takes into consideration the State and Federal income taxes withheld from a borrowers paycheck and it also takes into consideration of the maintenance and utilities on the subject property as well.   Wise Capital Mortgage does underwrite to the VA guidelines without debt to income overlays.

How to apply for a VA Loan Certificate of Eligibility

Now, you DO NOT need to have you Certificate Of Eligibility in hand to start the process with Wist Capital Mortgage, the COE is a very important document and is your golden ticket for a VA loan.   Your COE will certify your length of service, your military arm, if you have used your VA loan in the past, and you basic entitlement amount.

All you have to do is fill out this simple online form to have us check your VA Loan Eligibility.   Most times we are able to pull it from the VA portal with 24 hours, but sometimes we may have to advise you to send in the proper paperwork to the VA to get your COE by filling out form 26-1880 and mailing it in.

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