VA Home Loans

A VA home loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders for purchases and refinances of up to 100% Loan to Value.

The VA loan was designed to offer long-term financing to eligible American Veterans or their surviving spouses (certain restrictions may apply).The basic intention of the VA direct home loan program is to supply home financing to eligible veterans to help purchase properties with no down payment. Most single-family homes are eligible, and Peoples Mortgage may be able to help approve condos that are not currently approved by the VA. In either case, you will want to work with a Loan Professional to review each individual property.

The VA loan allows for up to 100% financing without private mortgage insurance. A VA funding fee is a percentage of the loan amount and is paid to the VA; this fee may also be financed. Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment.

VA Loan Features & Benefits

Loan Terms: Fixed Rate, ARM

You are eligible if you served under any of the following timelines and were honorably discharged:

·        2 years active duty

·        6 years reserves duty

·        90 days war time

·        181 days non-war time

Please don’t hesitate to call or email to review questions. We can get your Certificate of Eligibility within minutes and can review your eligibility with you.

VA High Balance / Jumbo Loans

The VA Jumbo loan (high-balance loan) is probably one of the most misunderstood and underutilized tools in the VA Benefits package. Other lenders struggle to know how to leverage this lending tool to its full and complete capacity on behalf of their VA borrowers. We have worked for years on making this tool work for our VA borrowers to its full capacity. If you are a veteran looking to purchase or refinance a high-end home, call us for a no hassle, no obligation review of your VA benefits so that you can confidently examine your options.

A VA funding fee is a percentage of the loan amount and is paid to the VA; this fee may also be financed.

VA Jumbo Loan Features & Benefits

·        Larger loan amounts

·        Low down payment

·        No upfront or monthly Mortgage Insurance

·        Low interest rates for Fixed and ARM loans

·        Easy closings

·        VA funding fee will apply

·        FICO scores as low as 620

·        Purchase, refinance, and even cash out refinances are acceptable