The VA loan program is designed to provide American veterans and active military with the opportunity to purchase homes with very favorable loan terms and conditions. This is made possible by the U.S. Department of Veterans Affairs (VA) guaranteeing home mortgages made by approved lenders. At Fairway Independent Mortgage Corporation, we are proud to provide services to veterans throughout Kingsbay, St Marys, Kingsland, Brunswick as well as the whole state of Georgia with some of the best rates and terms available on VA loans.
VA loan eligibility varies depending on service status, but fortunately, most veterans, military, and spouses of deceased military members will be eligible to apply. Veterans who meet minimum active duty service requirements will be eligible immediately. Active-duty members will need to complete roughly 6 months of service before becoming eligible. Members of the National Guard and reservists will become eligible after 6 years, but if they are called to active duty, they will become eligible after only 181 days. Be sure to acquire your Certificate of Eligibility (COE) if you plan to apply for a VA loan. This is required and will avoid any delays with the application process.
VA Loan Benefits
- 100% financing (appraised value cannot exceed sale price)
- VA funding fees can be financed with the loan (up to 3.3%)
- No private mortgage insurance (PMI)
- No pre-payment penalty
- Closing costs are limited by VA regulation
- Up to $417,000 loan amount (certain counties may be higher)
VA Loan Limits
Lenders typically require borrowers to have a credit score of 620, but the VA itself does not actually impose a minimum credit score requirement. Since there is no minimum required, lenders can be flexible in this area depending on each borrower’s unique financial situation. Lower credit scores could be approved but this might mean a higher interest rate is charged. You will need to provide your W2 statements and recent pay stubs during the application process. Documentation that outlines your various assets such as checking accounts, savings accounts, and other financial investments is also needed.
Veterans can use a VA loan to purchase a new home or even take advantage of VA refinancing programs to refinance their current mortgage. Veterans in need of cash for expenses such as home improvements, remodeling, or high-interest debt consolidation can utilize their home equity to obtain cash through a cash-out refinance loan. Interest Rate Reduction Refinance Loan (IRRRL) are also available to those who are looking to capitalize on improved market rates. You may also see an IRRRL referred to as a streamline refinance loan.
At Fairway Independent Mortgage Corporation, our goal is to help veterans throughout Georgia and Florida achieve all of their homeownership goals. At Fairway Independent Mortgage Corporation, we are proud to provide services to veterans throughout Kingsbay, St Marys, Kingsland, Brunswick as well as the whole state of Georgia with some of the best rates and terms available on VA loans. For more information on Georgia and Florida VA loans or to begin the pre-qualification process, contact us today.