Calculators

Wondering how much your mortgage will be? Use our calculators to perform mortgage-related calculations such as your expected monthly payments.


VA Loans

A VA (Veterans Affairs) loan carries many advantages to the qualified veteran. There is no other loan program that offers the terms and rates of a VA loan.  To qualify for this loan, you must be a qualifying veteran, the unmarried widow of a veteran, a Public Health Service Officer, Active Duty service man or woman or a member of National Guard or Reserves. The maximum loan amount for a VA-guaranteed loan for 100% financing is $417,000.  "Jumbo" VA are availabe but may require a minimum down payment. For more information please consult http://www.va.gov or call us.  We over over 10 years experience in VA lender and extensive knowledge of VA mortgages.

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How do I get a Certificate of Eligibility?

Call us!  We can go directly to the VA's website to request your Certificate of Eligibility.  We may need proof of military service such as your DD214 or Statement of Service.  In most cases it may be possible for VA to establish eligibility without your proof of service. However, to avoid any possible delays, it's best to provide such evidence.

I have already obtained one VA loan. Can I get another one?

Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to obtain restoration of eligibility, the veteran must send VA a completed VA Form 26-1880 to one of our VA Eligibility Centers. To prevent delays in processing, it is also advisable to include evidence that the prior loan has been paid in full and, if applicable, the property disposed of. This evidence can be in the form of a paid-in-full statement from the former lender, or a copy of the HUD-1 settlement statement completed in connection with a sale of the property or refinance of the prior loan.

What Is a VA Guaranteed Home Loan?

VA guaranteed loans are made by mortgage lenders to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.

How much is the VA funding fee?

The VA funding fee currently ranges from 2.15% for first time users up to 3.3% for subsequent uses. The VA funding fee my be different for Reservist & National Guard members.  Call us for more details.  The VA funding fee may be waived if the veteran is receiving VA Disibility Benefits for service related disabilities. We can submit a "VA Verification of Related Benefits" to our local VA office in order to confirm exemption.

What is a VA maximum loan limit?

The current  limit on VA loans is $417,000 and it is usually possible for qualified veterans to obtain no down payment financing.

What are the benefits of a VA home loan?

  • No down payment, 100% financing!
  • Excellent fixed rates & ARMs
  • Ability to finance the VA funding fee
  • Closing costs are comparable with other financing types
  • Closing cost can be paid for by seller
  • No monthly mortgage insurance premiums.
  • An assumable mortgage.
  • Right to prepay without penalty.

What is a streamline financing for VA loans?

The VA has created an Interest Rate Reduction Loan program called the Streamline Refinance. This provides a way for current VA homeowners to lower their interest rate with little or no out-of-pocket costs. These loans can also be made faster and with less documentation than a typical loan. This is only available to veterans who are refinancing their original VA mortgage and utilized their original eligibility.

Basics of VA streamline finance / Interest Rate Reduction Loan (IRRL):

  • No assumptions are allowed.
  • The veteran cannot receive any cash back.
  • VA does may not require an appraisal, any income or employment verifications, no credit report and no termite report, yet the mortgage must have been paid as agreed for the last twelve (12) months and must be up to date at the time of refinancing.
  • Any other liens must be subordinated to the VA loan.
  • This loan can be done with "no out of pocket money" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs.
  • VA funding fee of .50% of loan amount

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