VA Loans

A VA Loan is Designed to offer long-term financing to veterans with zero money down.  It is a great option for first time home buyers.VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.

Before arranging for a new mortgage to finance a home purchase, veterans should consider some of the advantages of VA home loans:

  • No down payment is required in most cases. Conventional loans typically require a 5 percent down payment, and FHA loans require 3.5 percent.
  • No monthly mortgage insurance premium to pay. FHA loans come with both an upfront and an annual mortgage insurance charge. Conventional buyers typically need to pay for private mortgage insurance unless they’re making a down payment of 20 percent or more.
  • Limitation on buyer’s closing costs. Sellers can pay all of a buyer’s loan-related closing costs and up to 4 percent in concessions.
  • Lower average interest rates than other loan types. VA loans continue to have the lowest average interest rates of all loan types.
  • No prepayment penalties. VA buyers can pay off a loan early without any financial penalties.

The VA loan guaranty program does not impose a maximum amount that an eligible veteran may borrow using a VA loan but limits the maximum guaranty amount to $453,100 for 2018. For higher loan amounts we can offer a VA Jumbo loan.

Apply for a VA Loan with Dolphin Home Mortgage today!