Whether you’re active duty, a veteran, or a surviving spouse, a VA loan can help make buying a house more affordable. VA loans provide favorable terms and conditions with a hassle-free application process. With the benefits you’ve earned, we can help you get the most out of your mortgage.
VA Purchase Loan Benefits
B Squared Funding can help you find a loan that works for you. Under the VA loan program, the US Department of Veterans Affairs offers a simpler qualification process, as well as flexible financing choices to eligible veterans.
How to Get Approved for a VA Loan
- Relaxation of qualification requirements
- There is no down payment requirement
- Close without paying any closing costs
- Assistance with obtaining a Certificate of Eligibility is available
How a VA Loan Works
VA loans offer similar choices as conventional or FHA loans. Furthermore, VA loans offer a variety of additional benefits that make them one of the most attractive home financing options. A VA, conventional, or FHA loan can have a fixed rate for 30 years, 20 years, or 15 years.VA home loans offer unique benefits due to the lenient criteria backed by the VA.
Those who qualify can access and afford a mortgage more easily. In order to qualify, you must have the following:
- A Certificate of Eligibility
- After paying major debts, proof of constant residual income remaining every month
- Automated underwriting requires debt-to-income ratios at or below 60%Fees for funding VA programs, unless otherwise exempt
- If you intend to live in the home, you are purchasing as your primary residence
- For the home to meet minimum property standards
There’s a VA funding fee for VA loans, which ensures the program is financially sustainable for all eligible vets unless you’re exempt.
ADVANTAGES OF VA LOANS
Are VA Loans Right for You?
Here are answers to some of the most frequently asked home buyer questions. As a next step, Babak can assist you in selecting the most affordable home loan.
A: VA doesn’t have a loan limit per se. You can borrow as much as you would otherwise qualify for. If you don’t want to put down any money, you can get a 100% loan up to $550,000 in most areas. In a higher-cost area, you might be able to borrow more.
A: VA loans are based on service. Contributing factors considered include:
Your service status, e.g., active duty, separation Your years of service, and Your service record
Veterans Affairs has detailed eligibility guidelines that explain who qualifies. You might qualify if you’re: Currently serving as an active-duty military member, You’re a veteran, or A spouse (including a surviving spouse) of a service member
Applicants need to provide a Certificate of Eligibility (CoE) from the Department of Veterans Affairs to prove their eligibility. It’s not needed to apply for a loan, but it will be required before approval. If you want, Babak can help you apply for a COE, or you can apply directly through the VA’s benefits portal online or by mail.
A: VA funding fees vary depending on your situation, including your down payment amount and whether this is your first VA loan. Fees can range between 1.4% and 3.6% of the loan’s value for a VA purchase loan. You will pay a 0.5% fee if you choose to later refinance your VA mortgage. A few exceptions to the funding fee exist, including for recipients of the Purple Heart, spouses of veterans, and veterans with disabilities. In addition, it can be paid upfront or rolled into your loan.
A: As long as you meet the eligibility requirements, you can take advantage of these VA mortgage benefits. If you qualify for a VA loan for your first home, you may then qualify for one for each subsequent one. It is even possible to qualify for two VA mortgage loans at the same time using your CoE. After a VA loan is repaid or sold, you will regain your full eligibility. It’s also easy and affordable to refinance a VA loan to lower your interest rate or adjust your mortgage terms to make your home expenses more affordable.