In 1944, the Servicemen’s Readjustment Act was created to provide veterans and their surviving spouses with various benefits. One of these benefits was the VA home loan program. The VA loan program allows veterans and military to purchase homes with 100% financing, no mortgage insurance, and limited closing costs. Rick Bernstein of Assured Mortgage Inc. is proud to offer great rates on VA loans throughout Brookfield and all of Wisconsin.
Most veterans, military, and spouses of deceased military members are eligible to apply for a VA loan. Veterans can apply without delay if minimum active duty service requirements have been met. Active duty servicemembers will need to complete a minimum of 6 months of service before becoming eligible. National Guard and reservists will need to wait 6 years. If called to active duty at any point, they will become eligible after 181 days of service.
Veterans and military members must obtain their Certificate of Eligibility (COE) before applying for a VA loan. The COE proves to your lender that you have met the minimum service requirements. It does not guarantee you will be approved for a loan. One of the easiest ways to get your COE is through the VA’s eBenefits Portal. We can also help you with the process when you are ready to apply.
Brookfield VA Loan Benefits:
- 100% financing (appraised value cannot exceed sale price)
- VA funding fees can be financed with the loan (up to 3.3%)
- No private mortgage insurance (PMI)
- No pre-payment penalty
- VA regulation limits closing costs
- Up to $424,100 loan amount (certain counties may be higher)
Unlike most home loan programs, VA loans do not have a minimum credit score requirement. Even though there is no mandatory credit score requirement, lenders often want to see a score of at least 620. The lack of an official credit score requirement means that lenders can flexible with each borrower based on their unique circumstances. You should be prepared to provide W-2 statements, recent paystubs, checking account and savings account information, and other documentation to help support your requested loan amount.
Various refinancing options are available as well for those who currently have a VA loan. The Interest Rate Reduction Refinance Loan (IRRRL) is available to veterans looking to lower their interest rate. This is commonly referred to as the VA’s streamline refinance loan. VA cash-out refinance loans are also available and can be a valuable option for homeowners who need extra cash for home improvements, high-interest debt consolidation, and other various expenses.
Rick Bernstein of Assured Mortgage Inc. is here to help the many veterans throughout Brookfield with all their VA loan needs. For more information or for any questions you may have on Brookfield VA loans, contact us today.