100% Financing, Low Fixed-Rates|
If you are qualified to use VA financing, it's hard to get a better deal, especially if you have less than 20% down-payment. The VA Funding Fee is usually much cheaper than conventional PMI. Credit is far more lenient than even FHA or conventional mortgages. There is no minimum credit score!
VA does refinances too!
If you already have a VA loan, you don't need an appraisal or have to prove income or even check your credit! Conventional loans at a higher rate can be refinanced into an VA loan. This is especially useful when credit is basically good but may not fit Fannie Mae guidelines. VA allows you to wrap all of the closing costs into the mortgage; you don't need a penny out of pocket. Vets can also take cash out of their properties up to 90% of the appraised value for any reason.
You Don't Have To Have Any Money For Closing Costs!
VA allows parents to gift closing costs and even sellers can usually pay all of the closing costs. You can still refinance into a VA loan even if you have a 2nd mortgage over 100% of the value of your home. VA allows for seller-paid rate buydowns so your interest rate can be 2% lower for the first year. Qualifying ratios are much more liberal than for conventional loans. There are many more special features of VA that make it an excellent choice for borrower's under tight circumstances.
AMC Is An Acknowledged VA Expert!
Our General Manager, John Councilman, serves on the FHA/VA Committee of the National Association of Mortgage Brokers. We are always aware of the latest developments at VA and know how to smoothly navigate the VA system.