GoPrime Mortgage, Inc. offers VA loans as just one of our many loan packages available. If you’re an eligible veteran, first, thank you for your service to our country!
Second, me and my team at GoPrime Mortgage, Inc. will do everything we can to match you to the mortgage that fits your needs. Call (828) 348-1907 and we’ll be happy to answer your questions.
Near the end of World War II in 1944, the US government showed appreciation to returning veterans by creating the VA Home Loan program to help vets buy homes. VA loans assist eligible veterans by guaranteeing the loans that banks, credit unions, and independent mortgage lenders underwrite. The US Department of Veterans Affairs is responsible for this program.
We often hear about VA home loans, but what do they entail? In short, a VA mortgage is a loan guaranteed by the United States Department of Veteran Affairs; an office also referred to as simply the VA. This loan can be issued by any qualified lender, which opens the process up to various avenues. The basic idea was to provide long-term financing to eligible American veterans or, in some cases, their surviving spouses.
But what does it take to be considered eligible? And how can you take advantage of the programs offered?
Let’s take an in-depth look at a VA mortgage to give you more context and provide avenues to pursue.
Along with these general requirements of service, some other qualifications may impact your ability to receive a VA guaranteed loan. For instance, you need to have a credit score that is satisfactory, a sufficient income from employment or other verifiable sources, as well as a Certificate of Eligibility (COE). A COE can be obtained online, by mail, or through your lender at GoPrime Mortgage, Inc.
For instance, you can use it to:
To learn more about the benefits of VA loans, you can visit the website here.
There are some criteria you need to meet to be eligible for a VA home loan. They include:
If you meet these criteria, you may qualify for a VA mortgage. To learn about other factors that may make you eligible reach out to me and my team at GoPrime Mortgage, Inc.
At GoPrime Mortgage, Inc., we suggest you start by talking with one of our experts to learn about your options and begin the process. While you can apply online, there is comfort in knowing that you’ll have a direct point of contact for questions or concerns along the way.
Most mortgage lenders have access to a system called WebLGY. WebLGY gives GoPrime Mortgage, Inc. the ability to apply for the Certificate of Eligibility (COE) and start the process of qualifying you for a VA loan.
As with any other mortgage option, you can consider many VA Mortgage types when it comes to a VA-guaranteed loan. VA purchase loans include fixed-rate mortgages or adjustable-rate mortgages, or ARM. If you’re looking to refinance, loans may consist of a Refinance Loan or a Streamline Refinance Loan.
To give you a little more detail, let’s start with the fixed rate VA loan.
Features include:
A fixed-rate VA loan means whether or not interest rates go up or down throughout the life of your loan, your rate will permanently be the same as the percentage cited when you secured the loan. A fixed-rate can help with long-term planning and budgeting.
On the other hand, you might be interested in an adjustable-rate VA loan, which offers:
If you are looking to refinance, you can use a VA refinance loan to get equity out of your home to make home improvements or other financial needs. A Streamline Refinance Loan may be allowed for a lower interest rate without any additional fees. For this, you can use your original Certificate of Eligibility. But keep in mind that this is only available for existing VA mortgages.
An ARM may be the right choice for some home buyers, but this is why we recommend you talk with us before making a decision. For example, a one-year ARM will adjust annually, but what would that mean for your long-term strategy?
There may be additional loan types specific to your location, needs, and financial picture.
If you qualify for a VA home loan, you have added peace of mind with these VA home safeguards:
In addition to the appreciation that the VA shows with these fabulous loan options, remember that it’s local people like your team at GoPrime Mortgage, Inc. who help you get those loans. You’ll receive first-class customer service whenever you choose to work with me and my team.
I work hard for veterans to provide the right mortgage products (including VA loans) and explain everything in terms you can understand. It’s not just the right thing to do; it’s the only thing to do. And so, with gratitude for your service, you’ll always be treated with the utmost respect at GoPrime Mortgage, Inc.
