VA Purchase Loans
At Mortgage Options, it’s our goal to assist you in buying your home while ensuring the process is as easy and seamless as possible. For service men and women, a VA Purchase Loan is an excellent option for financing a new home.
A VA Purchase Loan is a loan for the purchase of either an existing or pre-construction home for your personal occupancy. At Mortgage Options, we will help you obtain a VA Purchase Loan with a competitive interest rate even if you have found it difficult to obtain other financing.
VA Loan Eligibility
In order to be eligible for a VA Purchase Loan, you must meet service and discharge requirements and have suitable credit and income. For more information about eligibility requirements, see our VA Loans Overview page.
VA Purchase Loans do require a funding fee, which is essentially a percentage of the loan based on a few factors. The type of loan, your military category, if you are a first time or subsequent loan user, and whether you choose to make a down payment influence the funding fee amount. This fee may be waived if you are entitled to receive VA compensation for a service related disability. The funding fee could also be waived if you are the surviving spouse of a veteran who died in service or from a service related disability.
The VA does not set a limit on how much you can borrow, however there is a limit on the amount of liability the VA can assume with the guarantee of the loan. The VA guarantees each eligible veteran a basic entitlement of $36,000. We can generally loan up to 4 times your available entitlement without a down payment assuming your income and credit both meet the necessary requirements and the property appraises for the asking price. Of course, if you choose to combine your guaranty entitlement with a down payment, we can lend a greater amount. These limit amounts vary by county and property values.
For a VA Purchase Loan, Mortgage Options offers both fixed and adjustable rate loans with negotiable interest rates.
At Mortgage Options, we will help you navigate the home buying process and assist you in obtaining your VA Purchase Loan. For more information about your VA Purchase Loan and the home buying process, call us at (866)-456-5511 or Contact Us online.