Do VA loans have better rates than conventional home loans?

Approved veteran or active duty service persons are eligible for the best rates regardless of you score or credit history. VA loan rates are similar to rates that conventional loans offer for borrowers with near perfect credit and 20% down. Only eligible VA borrowers can have less than perfect credit and no money down. contact your VA specialist to get started today.

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Can I get a VA loan if I've had a past bankruptcy?

Chapter 7 Bankruptcy

If you have had a Chapter 7 bankruptcy, you will have to wait for two years after the bankruptcy has been discharged to qualify. Any late credit related payments after your bankruptcy has been discharged will make it difficult for you to qualify for a VA loan.

Chapter 13 Bankruptcy

If you have filed a Chapter 13 bankruptcy you will have to wait for one year after its discharge. If you are filing a Chapter 13 bankruptcy, you must wait one year after the bankruptcy has been discharged; not since it has been filed. Similar to Chapter 7 bankruptcies, any late payments during or after the bankruptcy will hurt your attempts to qualify for a VA loan.

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What is the VA Funding Fee and do I have to pay it?

The VA Funding Fee is a fee required by the Veteran’s Administration for a VA loan. The fee ranges from 0 to 3.3% of the mortgage loan. If you prefer, the fee can be financed into the amount of the loan rather than paying it out-of-pocket at closing.

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What is the maximum VA lan amout that I can purchase?

The VA currently allows for you to borrow up to $417,000 for a VA mortgage. Some areas allow more, dependent on standards of living and other circumstances, sometimes in amounts up to $625,000. However, you must qualify and then a VA loan specialist can see if you qualify for a larger amount.

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How much money do I need for a down payment?

Actually, you aren’t required to put any money down on your purchase. This is one of the great benefits of a VA loan. Closing costs will depend on your buying situation.