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VA Loans
The VA loan is often the best possible loan because it offers lower costs than conventional financing. And regardless of down payment, there is no monthly mortgage insurance. There are no lender fees on VA loans and realtors are disallowed from charging fees as well.
Unless you are exempt, the VA does charge an upfront funding fee which is financed into your loan in order to guarantee your loan. The funding fee amounts are impacted by your down payment amount and are:
- 0% down: 2.15% (or 3.3% if not first time use of the VA loan)
- 5% down: 1.5%
- 10% down (or more): 1.25%
The minimum credit score required is 600, but loan terms and underwriting improve with higher credit scores. Top tier credit score for a VA loan is 720+.
We do many VA loans given our location in the DC area. My teammate Patrick used to be a VA loan underwriter.
If you previously had a VA loan, you can get your eligibility restored. VA does allow multiple uses of the loan program provided you restore your eligibility. If your eligibility needs restoration, we could potentially assist with that!
Current active duty veterans are eligible for the VA loan with just 90 days of service. Or if you are discharged you would typically be eligible if you served for two continuous years.
If you’re a reservist you’re eligible after six years, unless if during your service you were activated for 90 days.
We can help you check your eligibility for a VA loan after you pre-qualify and do so online. Or, we can check it if you send us this form filled out. For detailed eligibility requirements see https://www.va.gov/housing-assistance/home-loans/eligibility/
If you have full eligibility on your VA loan, you can get financing with 0% down up to $1,750,000 in the DC area. We can also sometimes go higher than that on a case-by-case basis.
Borrowing more than $766,550 makes your VA loan a VA jumbo loan. That can sometimes bring higher interest rates than VA.
Questions, or ready to proceed? 240-479-7658. Email me