VA Loans - A Great Option for Veterans

VA Purchase and Refinance transactions

A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA) that is available to most U.S. service members. VA loans offer a loan guaranty benefit to help eligible veteran borrowers refinance or buy a home.  VA loans do not require any monthly mortgage insurance included in the loan amount, and a veteran borrower could purchase a home without putting any money down.  Contact one of our licensed loan originators to apply!

 

VA IRRRL

The VA Interest Rate Reduction Refinance Loan (IRRRL) lowers the veteran borrower’s interest rate by refinancing their existing VA home loan.  With a lower interest rate, the monthly mortgage payment should decrease.  No appraisal or credit underwriting is required with an IRRRL.  Contact one of our licensed loan officers today to apply!

 

VA High-Cost Counties

Although the VA loan program does not have a maximum loan amount, there are effective loan limits for high-cost counties throughout the United States.  The limits are derived by considering the median home price for a county and the Freddie Mac conforming loan limit.  Contact one of our licensed loan officers today to apply!

 

You may be eligible for a VA loan if any one of these statements describes you:

  • I served 181 days during peacetime. (Active Duty)
  • I served 90 days during wartime. (Active Duty)
  • I served 6 years in the Reserves or National Guard.
  • I am the spouse of service member who was killed in the line of duty.
  • I currently receive disability payments from the VA.

 

Benefits of VA Loans

  • You can buy a home with no money down.
  • You can refinance your home up to 100% of the value of your home.
  • You never have to pay PMI (Private Mortgage Insurance).
  • Sellers can pay your closing costs.
  • They are usually easier to get because the Government insures the loan so that there is much less risk to the lender.
  • If you already have a VA Loan you might be eligible for a VA Streamline Refinance.
  • Disabled Veterans may qualify for a waiver of the Funding Fee if they receive any disability payments from the VA or if they are considered to be at least 10% disabled.

 

FAQs

What is the VA Funding Fee and is it required?

Yes, it is required. It is a fee paid directly to the Department of Veteran's Affairs so that they can guarantee your loan and provide you with the opportunity to receive a loan with little to no money out of pocket.

How much is the VA Funding Fee?

It depends on several factors including whether you are Active Duty, Retired, Guard or Reserve and whether this is a first-time use, subsequent use, or a cash-out refinance as well as how much of a down payment you are putting down. The fee can range from as little as 1.25% up to 3.3% of the loan. Generally, the more money you put down the lower the VA funding fee. Please contact us and we will help you to determine how what the exact cost of the VA Funding Fee would be for your particular situation.

Do I have to pay the VA Funding Fee out of pocket?

No, you can include the VA Funding Fee in your loan and pay the funding fee over the course of your loan.

Do I still have to pay other normal closing costs like Appraisal, Title, and Escrows?

Yes, however with a VA loan if you are purchasing a new home the seller can pay for all or part of your closing costs.

What is a VA Streamline Refinance?

A VA Streamline Refinance is a refinance option that is available if you already have a VA mortgage and you want to lower your interest rate with little or no out-of-pocket closing costs. You don't have to provide bank statements, W2s, job verification or paychecks.

Find Us

Success Mortgage Partners, Inc.

3237 Satellite Blvd. Building 300 Suite 500
Duluth, Georgia 30096
404-585-0249
FAX: 404-850-8720
info@smprate.com
NMLS: 130562