Active military who have been in service for at least six months, veterans, reservists, and National Guard members are eligible for a VA (Veterans Affairs) loan. Spouses of military members who have died while on active duty, or due to service-related disability may also apply. Under certain conditions, an unmarried, widowed spouse ay also qualify for a VA loan, as may a widowed spouse who remarries after age 57. A VA loan may only be used on your primary residence, so second homes or investment properties are not allowed.
Current low interest rates, and VA purchase loans are a winning combination to help you buy a home. VA loans offer great features such as no money down, and credit scores as low as 580. Competitive rates and no mortgage insurance premiums may mean lower monthly payments than conventional loans. Because the VA guarantees, or “stands behind,” a portion of the loan, lenders are able to offer lower rates. There is also no PMI (Private Mortgage Insurance) which keeps your monthly payment lower.
An appraisal will be ordered for the property you wish to purchase with a VA loan. A specially certified VA Appraiser is tasked with the job of not only inspecting your new property and determining the value, but making sure that it is safe, sound and sanitary. The appraisal must be for the amount of the seller’s asking price or higher. If it is lower than the asking price Silver Leaf Mortgage will work with your Realtor to attempt to solve the problem.
With a VA loan you may finance the entire purchase price of your dream home and not have a down payment. You may use your VA home loan benefit more than once as long as your previous VA home loan has been repaid. There are a variety of fixed and adjustable rate loan options available, including a VA Jumbo with loan amounts as high as $1.7 million. The seller or lender may contribute to your closing costs. Our lenders waive their underwriting fee in honor of your service
VA Adjustable rate mortgages (VA ARM) are available to those borrowers with a 640 credit score or above. There are 3/1 and 5/1 VA ARMs and 3/1 and 5/1 Jumbo VA ARMs. That means that the interest rates will remain fixed for three or five years and then adjust annually. There are some situations in which this type of loan would be the very best fit. Call Silver Leaf Mortgage so we can explain your options.
In order to qualify for a VA loan, you must meet the eligibility requirements. If you served during World War II, the Korean War or the Viet Nam War for at least 90 days of active duty with other than a dishonorable discharge, or fewer than 90 days of active service if discharged with a service related disability, you qualify. If you served in the Gulf War for 24 consecutive months on active duty with other than a dishonorable discharge, or at least 90 days under some conditions, or less than 90 days active duty with a service related disability, you qualify. Contact Silver Leaf Mortgage for more detailed information. Those who have served in peace time are also eligible. Please call us for details.
Your up-to-date Certificate of Eligibility (COE) from the military will be required to verify your eligibility. It can be easily obtained on the VA website. https://www.benefits.va.gov/HOMELOANS/purchaseco_certificate.asp
You will also need to provide a copy of your DD214 which is a record of your service and discharge. The minimum credit score for a VA loan is usually 620, but there may be exceptions, so call us for details.
Reach Out to Silver Leaf Mortgage Today
It is always a good idea to speak with a Senior Loan Officer at Silver Leaf Mortgage before you go house hunting with your Realtor so that we can provide you with a pre-approval letter. Sellers are far more likely to accept an offer that is backed up with a lender letter indicating that you will be able to get a loan to complete the purchase transaction.
Call Silver Leaf Mortgage today to find out how you can get a great rate, a fast closing with no money down! At Silver Leaf Mortgage, we are a Denver-based mortgage company with over 98 years of combined experience in the mortgage industry. We have helped people all over Colorado, and know how exciting and overwhelming a new home purchase can be. We’re committed to guiding you every step of the way with your purchase or refinance. Our motto is “to love and serve our clients well.” Call or email now (720) 458-4036 or Info@SilverLeafMortgages.com or simply fill out the form below.