Today I want to take a moment to remind Veterans of the military services of the best mortgage possibility available-the VA loan. If you are a veteran and you are considering purchasing a home there is no better mortgage loan than the VA loan. This loan has a LOW fixed rate, is for 100% of the value of the property being purchased and has NO monthly mortgage insurance. The requirements are relatively simple-you must be on active duty, or have been honorably discharged from one of the military services or have been in the National Guard or Reserves. Depending on when you served or in what capacity there are time requirements, but the majority of veterans can access this loan.
You will need to be working, and have a credit score of 580 or above. Other credit criteria also applies but now more than ever, Tippecanoe Mortgage is in a position to provide VA loans to as many veterans as possible.
If you already have a VA home loan and are considering refinancing into a lower rate we can do that too. VA has a terrific rate and term refinance-the VA Interest Rate Reduction Loan. If all you want to do is lower your payment-this is the loan for you. It features no appraisal and the ability to roll your closing costs into the new loan.
Do you need some cash to pay off some pesky credit cards? If you have equity in your home we can obtain a VA cash out refinance for up to 100% of your home's value.
So the next thing you are probably wondering is how do you go about getting a VA loan? The first thing is to check on your certificate of eligibility. You can call the Atlanta Eligibility Center at 888-768-2132 to check on your eligibility. Because of the current demand for VA loans it is taking about ten days to obtain the certificate of eligibility. In many cases we can also obtain he COE however, we can't solve any problems related to its issuance. Since it can take up to ten days it is recommended to do this prior to writing an offer on a home so you aren't waiting to close because a COE is hung up somewhere. You will need the information on your DD2-14 discharge form to obtain your COE.
One other misconception about the VA loan is that you can only use the entitlement once. If you had a VA loan and sold and closed the former mortgage, you can purchase another home using the VA loan. Once in awhile we run into issues with correct records on the sale of the previous home, but assuming you still have proof of the sale this can be corrected. In addition it is also possible to obtain more than one VA loan at a time, though the second mortgage must be for $144,000 or more.
And the good news is, even if you are an older veteran-there is no age limit. 25 or 65 you can still use your VA eligibility to qualify for a VA loan.
Sometimes you hear that the VA loan is hard to get because the property has to be in pristine condition. While the property has to be in decent condition, the days of a VA inspector looking at a property for defects are long gone. VA has much the same requirements as FHA with regard to property condition. Most of us would want to have 100 amp electrical service, heating and cooling that work when turned on, a roof that has five years of life and a basement that doesn't resemble a swimming pool. And more good news is that if you have a great job and can qualify for the payments you can borrow up to $417,000, assuming full eligibility. Currently the only inspection requirements are for a termite inspection and a well test if water is provided by a private well.
Don't let anyone tell you differently-this is a great loan!
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