If you are a Veteran of the U.S. Military, you may qualify for a VA Mortgage Loan. VA Loans are devised to allow for special consideration for military veterans and their spouses, usually at lower interest rates than a typical loan. VA loans were established to finance veterans in areas that private funding may be unavailable.
VA Mortgage Loans are backed by the U.S. Veterans’ Affairs Administration, and the financing fees associated with these loans may also be finances in many instances. Lenders allow veterans to finance up to 103.3% of the sale price of the property, or the value of the home, whichever is less.
The maximum value of a VA Loan varies by region/state. As of 2017, the maximum VA loan amount with no down payment is usually $453,100, all though this amount may be north of $700,000 in areas specified as high cost counties or parishes.
If a veteran receives a minimum of 10% VA disability compensation, the veteran may be exempt from the VA funding fee. Your InterTrust mortgage lender can verify your benefits with you and answer any questions you may have. In most cases, as long as a veteran is awarded disability compensation after paying the VA funding fee, they can apply for a refund of the fee, as long as the initial date of disability is prior to the mortgage closing date.
InterTrust Mortgage has been proudly serving veterans in Acadiana since 2000. If you have questions or concerns, or just want to talk to someone about your options, trust our talented, professional mortgage broker to take great care of you. Let’s Make a Plan.