What To Know When Getting A Ct Va Mortgage
Equity America Mortgage Services offers the best mortgage loan program in Connecticut
. Greg Tarone, a Senior Loan Officer in the organization, has helped the agency grow and expand. He well understands the requirements of the CT VA mortgage market, and believes that every veteran needs to understand how to use these mortgage loan programs.
When purchasing a home, veterans will not need to pay down any money. Veterans will be allowed to finance up to 100% of the appraised value of the home, which will include funding fee and closing costs. When refinancing, veterans can obtain a lower rate of interest without qualifying and regardless of the property value. Veterans can take out cash up to 90% of the appraised value of the house. This is exclusive of funding fees and closing costs mentioned under VA guidelines.
VA loans are guaranteed by the U.S. Department of Veteran Affairs. These are funded by lenders. These loans are offered to veterans who qualify for the purpose of purchasing or refinancing an owner occupied home. The guarantee provided by the VA is a kind of assurance given to lenders that they will not be at a loss in case veterans fail to pay them. Most of the times, veterans are not required to pay a down payment for VA guaranteed loans.
There are a number of benefits to applying for a VA loan. Some of them include:
1.The rate of interest offered is negotiable. It may be locked or floating.
2.Closing costs can be lower when compared with other financing options.
3.The funding fee, to be charged only once, will vary with eligibility and sometimes may be waived off for the disabled.
4.Private mortgage insurance of any kind is not required.
5.Veterans have the right to repay the loan without any penalties.
6.The mortgage can be handed over to a qualified buyer when the house is sold.
7.Counseling and financial assistance is given to veterans who are having financial difficulty.
The veteran is not required to get any mortgage insurance, but the VA charges a funding fee which may be paid by either the seller or buyer. The fee is charged to give the lender a guarantee in case the borrower defaults on the mortgage. The fee may also be included in the loan amount.
A veteran may use a VA loan to purchase a new house, build a house, or improve the standard of his current home with up to $6,000 of energy efficient features like water heaters, storm windows and doors, solar heating or cooling systems, insulation or other features which have been approved by the VA and the lender.
A VA loan can be obtained from any mortgage lender who participates in the home loan program of VA. Mortgage brokers deal with many different lenders. A Certificate of Eligibility is required by all lenders to qualify for the VA loan. Every lender's underwriting criteria has to meet with the guidelines of VA but a lender also has the opportunity to add his/her own criteria for approval. This is referred to as underwriting overlay.
by: Ross F. Malbon
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