What is VA Mortgage and how does it work?
The Department of Veteran’s Affairs (DVA) partially guarantees VA loans, which are made to qualified U.S. active duty service members and veterans.
How much can i borrow with VA?
- The entitlement amount is shown on the veteran’s Certificate of Eligibility.
- Lenders will generally lend up to four times the amount of a veteran’s entitlement without requiring a down payment.
What can i buy with VA?
- VA loans can have 100% financing on first mortgages for primary residences only.
An investment in knowledge pays the best interest
Am i elegiable?
You can send Pink Elephant Mortgage a copy of your DD-214 (Proof of Discharge)
If they were discharged with a status less than honorable, they may have trouble qualifying for a VA loan.
Is there any PMI or MI on the Loan?
No, The VA has no monthly insurance premium
VA’s One-Time funing fee
- The one-time funding fee that’s paid by the borrower at closing creates a pool of money that makes the partial guarantee possible.
- The funding fee is paid by the veteran and may be added to the loan balance and amortized over the life of the loan.
Other Inportant information
- The maximum term for a VA loan is 30 years
- The late fee is 4% of the monthly P&I
- Sellers may contribute up to 4% of the sale price, plus reasonable and customary loan costs.
- A VA appraisal is known as a Certificate of Reasonable Value (CRV) and is performed by a VA approved appraiser who operates on a rotation system.
