Jay Dacey Mortgage Team Inc proudly offers mortgage loan products for active-duty military and veterans in Minnesota, Wisconsin, and Florida.
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA) that is available to most U.S. service members. VA loans do not require any monthly mortgage insurance included in the loan amount, and a veteran borrower could purchase a home without putting any money down.
VA loans are available in 5- or 7-year ARMs, or 15- or 30-year fixed mortgages. Veterans can only have one VA mortgage at a time.
To check your eligibility for a VA Loan, call us at 651-315-7681.
Purchases
VA loans can only be used on a primary residence. A veteran borrower could purchase a home with 0% down, which is one of the biggest advantages to a VA loan. An appraisal must be ordered through the VA. The seller may pay up to 6% of the purchase price towards closing costs.
Veterans must meet the residual income requirements, meaning that you have enough income left over after paying your mortgage. Contact one of our Veteran Loan Specialists to discuss what the residual income limit is for your county.
VA loans have a funding fee charged by the Department of Veterans Affairs. Disabled veterans may qualify for a waiver of this fee.
Refinances
With a VA loan, you can refinance for up to 100% of the value of your home.
VA-to-VA refinances (where both the mortgage being paid off and the new mortgage are VA loans) are called IRRRLs, or interest rate reduction refinance loans. These loans do not require a credit or income verification. You cannot take cash out with an IRRRL; that would be considered a cash-out refinance and would follow the standard VA residual income requirements.
Contact our team today at 651-315-7681 or click here to get started on your VA pre-approval.
What documents will I need?
Below is a general list of documents needed for a VA loan. You may need more or fewer documents depending on your situation.
- Identity verification docs (such as driver’s license)
- Proof of active service or honorable discharge
- Paystubs
- W2s (last 2 years)
- Bank statements (last 2 months)
- Mortgage statements for any properties owned
Contact our team today to get started on your VA pre-approval.