Ever since President Roosevelt signed the Servicemen’s Readjustment Act (eventually know as the GI Bill) into law in 1944, veterans have had access to one of the most beneficial loan programs around.
VA loans are guaranteed by the Department of Veterans Affairs and can be used to purchase a primary residence that is a single family home, including a townhouse or condominium unit in a VA approved project, to build a home, and purchase and improve a home. Loans are assumable under certain conditions and do not have a prepayment penalty.
VA financing is designed to benefit veterans of the armed services, those currently in active duty or the reserves, and their spouses. In order to qualify for a VA loan veterans must be eligible as defined by the Department of Veterans Affairs. Veterans can qualify to put zero down on a loan up to $417,000. VA Fixed Rate Loans are full documentation loans. Before closing, a funding fee must be collected from the borrower and can be financed into the loan. Funding fee exemption is possible upon proper verification of disability.
Highlights of the VA Loan Program:
- Borrow 100% of the sales price, up to $417,000
- Sellers can pay entire balance of closing costs
- Fixed rate and adjustable rate mortgages available
- No private mortgage insurance (PMI) required
- Single loans with low rates
- Flexible credit qualifying requirements
To find out if your eligible or apply today call one of our loan officers at 503.581.8100 or send us a quick email
. If you’re looking for a rate quote you can fill out the form on the right.