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VA Mortgage Loans

 

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VA Loans

At the Crestway Mortgage Group (CMG) we understand the unique needs of servicemembers and their families, and can help you take advantage of every benefit you’ve earned. We’re here to help you through the home-buying experience by providing low VA loan rates, resources and membership benefits.

 

What is VA Loan

VA loans are backed by the Department of Veterans Affairs and offer exclusive mortgage benefits to eligible servicemembers, veterans and their spouses. A certificate of eligibility is required and can be obtained from the VA.

VA Borrower Eligibility

  • Veteran
  • Veteran with Spouse
  • Veteran with another veteran
  • Veteran with Non-veteran (who is not the spouse) is sent directly to the VA Eligibility center for prior approval (*typically with 25% down)

Other Eligible Persons

  • Active Duty Members: 90 continuous days, or 181 during peacetime (excluding basic training)
  • Active Reserve or National Guards: 6 active years in selected reserves
  • Un-Remarried Surviving Spouse: No time requirement, Veteran must have died on active duty or from a service-connected disability.
  • POW/MIA Spouse: Veteran must have been a POW or MIA for 90 days

Loan Approval Requirements

  • Applicant must be an eligible veteran who has available entitlement
  • 100% LTV
  • The loan must be for eligible purposes
  • Veteran must occupy home within a reasonable period after closing
  • Veteran must be a satisfactory credit risk
  • Income must be stable and sufficient to:
    • Meet mortgage payment
    • Take care of obligations and expenses and have enough left over for family support

Eligible Loan Purposes

  • Purchase 1- 4 family units, including

  • Condominiums (VA approved)

  • Townhouses

  • Manufactured Home (and Lot)

  • To Build a Home

  • To Purchase and improve a home

  • To improve a home by installing energy-related features

  • To Refinance an existing home loan for the purpose of:

  • To refinance an existing home loan for the purpose of:
    • Cash Out – up to 100% of appraised value (most lenders cap at 90% LTV)
    • Reducing the interest rate (IRRRL)
      • Interest Rate Reduction Refinance Loan
      • Only existing VA loans qualify
    • Converting an adjustable rate mortgage (ARM) to a fixed rate mortgage

Cash Out Refinance

  • Loan Limit – up to 100% of appraised value (most lenders cap at 90% LTV)
    • Funding Fee
    • Cost of Energy Efficient improvements
  • Must payoff an existing lien(s) of record
  • Itemization of debts paid off required
  • Veteran can receive cash proceeds

Other Refinancing Loans

  • To pay off Construction Loans
  • Installment land sales contracts
  • Loans assumed by Veterans at interest rates higher than that for the proposed refinance
  • These loans are like cash-out, except:
    • Loan amount is not limited to 90%
    • Loan may not exceed the lesser of the VA reasonable value or the sum of the outstanding balance of the loan to be refinanced
      • Allowable closing costs and discount points

Interest Rate Reduction Refinance Loan (VA to VA)

  • Loan Limit – Payoff of existing first lien plus reasonable closing costs
    • May be able to subordinate second loans or lines of credit
    • Minimal cash back to veteran allowed (usually up to $500)

All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.

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