If you qualify for a VA home loan 99% of the time it is the best loan you will be able to get. A VA loan is a single lien for up to 100% of the purchase price. The max loan limit was recently raised to $417,000. There is never a requirement of Private Mortgage Insurance, or MI for short. Private Mortgage Insurance is what some lenders require you to pay as a back up insurance policy to cover them in case you decide to stop making payments on your mortgage. VA does not require PMI on any loan; which is a great advantage for the borrower.

VA is just about the best loan program available. However, not everyone that is eligible to receive a VA loan will be able to qualify with underwriting. There are many contributing factors to qualifying for a loan and if, for whatever reason, you are unable to qualify for VA we can offer you any other kind of loan available to the public.

Conventional Lending: This is a great option if you can put at least 20% of the sales price down, because at that point no PMI is required and there is not a funding fee on conventional financing. If your credit scores are high enough, Conventional Loans also allow for less stringent documentation when applicable. If you are self-employed, for example, a Conventional Loan can be an ideal option for you.

Alternate Lending: This is a lending option for borrowers with less than perfect credit. Alternate Lending loans typically require a down payment and the interest rates are typically 2% higher, at minimum, than conventional rates. However, buying is always better than renting because you are investing in property and receive large tax benefits from being a homeowner. Even at a higher interest rate you should strongly consider buying over renting. Nothing boosts a credit score faster than a consistent on-time house payment, so often we can place you in an Alternate Lending solution for the first year or two of your mortgage and when your credit scores go up, we can refinance your loan at a prime interest rate.

FHA: This is another government backed first-time homebuyer program. If you qualify for FHA you, more than likely, will qualify for VA. Since VA doesn’t require PMI or a down payment you wouldn’t consider FHA unless, for some strange reason, VA won’t back your loan and FHA would. We just want you to know that we can offer an FHA loan as well, if the situation calls for one.

We cannot stress the following enough: If you are considering buying a home, or refinancing your existing mortgage, the best thing you can do is contact us directly and let us use our many years of expertise to guide you to the best loan possible for your situation. We work for you and we want you to call. It is our job to accommodate you, so even if you have very basic questions, we encourage you to call! We will assist you quickly and efficiently.