- First-time Homebuyers
- Down Payment Assistance
- Conventional Loans
- FHA Loans
- USDA Loans
- VA Loans
- Community Champions
- HomeReady Program
- Home Possible
- Jumbo Loans
VA Guaranteed Loans provided through your Local Flat Branch Home Loans
VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veterans Affairs (VA) to eligible veterans to aid in the process of buying a home.
Who is eligible?
Active, discharged and medically discharged veterans
No Down Payment necessary
No Monthly Mortgage Insurance
Not Limited to first time homebuyers
For Traditional loans, providing a down payment of less than 20% usually results in the need for Private Mortgage Insurance (PMI). In the event that you cannot make your mortgage payments, PMI protects the lender during the repossession process. Benefits of the VA Home Loans program include that the borrower doesn’t pay monthly mortgage insurance thus monthly payments are more affordable.
In most cases no down payment is required and the borrower usually receives a lower interest rate than is ordinarily available with other loans. Although mortgage insurance is not required, VA charges an upfront funding fee to issue the guaranty. This fee is typically financed into the loan amount but may also be paid in cash by the buyer or seller. A veteran may also be exempt from this funding fee if he or she is disabled due to a service-related injury.
Get Your Quote Today
VA Home Loans holds many advantages for the eligible homebuyer. Along with no mortgage insurance required, VA guaranteed loans have no prepayment penalties, low credit score requirement, counselling and assistance available to veteran borrowers having financial difficulty or facing default on their loan and the potential to have TWO VA loans at the same time that can be applied over and over.
Here is a basic outline of the program and its benefits we highlight at a narrower glance.
|Maximum Loan Allocated||$424,100|
|Minimum Credit Score||600|
|Benefits|| No Down Payment Required|
No Monthly Mortgage Insurance
|Monthly PMI||2.15 First Use|
3.30 Subsequent Use
VA Energy Efficient Mortgage
A VA loan can be used to buy a home, refinance any existing loan, or build a home. It can also be used to improve an existing home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by VA and the lender, like Flat Branch Home Loans. Here are some highlights for energy-saving features.
VA Energy Efficient Highlights
- NEW windows (or other energy-efficient upgrades)
- NO up-front costs (costs can be rolled into the total loan amount)
- Up to $6,000 in upgrades
- Loans must be VA eligible.
With eligibility, VA Home Loans provides an integral step in the direction for you and your family’s future success in buying home with its benefits of no down payment required and no monthly mortgage insurance. If you are ready to start the home-buying process, our team of loan officers at Flat Branch Home Loans is ready to begin the journey of purchasing your dream home.