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    VA Mortgage Loans

    No Money Down Home Mortgages
    We offer 100% home purchase loans, streamline refinancing and cash out refinance loans. We are a VA approved lending company who prides itself in offering the best government mortgage loans to veterans online.

    VA is the last mortgage program that still allows no money for purchasing owner occupied real estate and 100% refinancing for existing veteran loans. Credit guidelines continue to be flexible and forgiving. Limited or bad credit borrowers do have a good opportunity to qualify for military financing. Please take a moment and complete one of our mortgage applications and one of our loan professionals will get back to you shortly.

    What is a VA Home Loan?
    The VA loan was designed to offer long-term financing to American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment. Eligible areas are designated by the VA as housing credit shortage areas and are generally rural areas and small cities and towns not near metropolitan or commuting areas of large cities.

    The VA loan allows veterans 100% financing without private mortgage insurance or 20% second mortgage. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA and is allowed to be financed. In a purchase, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. 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. In a refinance, veterans may borrow up to 90% of reasonable value, where allowed by state laws.

    VA loans allow veterans to qualify for loans amounts larger than traditional Fannie Mae / conforming loans. VA will insure a mortgage where the monthly payment of the loan is up to 41% of the gross monthly income vs. 28% for a conforming loan assuming the veteran has no monthly bills.

    As of January 1, 2006, the maximum VA loan amount with no down payment is $417,000 and can be as high as $625,500 in certain high cost areas. VA also allows the seller to pay all of the veteran's closing cost as long as the cost do not exceed 4% of the sales price of the home.

    VA Funding Fee
    Unlike FHA and conventional loans, VA does not charge a private mortgage insurance (PMI) premium for those who are not able to come up with a down payment. Instead, a fee of 2% of the loan amount (2.75 percent for Reservists) is payable when the VA loan closes your loan, and can be included in the loan. The fee is reduced if the veteran makes a down payment of at least 5 percent.

    VA Loan Resources

    • Certificates of Eligibility - What is needed, and how to obtain it.
    • Lost proof of service?  Visit the National Archives and Records Administration or from the American War Library .
    • Need to find lenders? Visit the Ginnie Mae site to fine one.
    • HUD - Contains information on shopping for a home, closing costs and terminology.
    • MBA (Mortgage Bankers Association of America) - Will give you information on the purchase process, calculators and real estate terms.
    • Freddie Mac (Federal Home Loan Mortgage Corp.) - Site will give you information about the purchase process and real estate terms.
    • FNMA (Fannie Mae) - Contains information on the purchase process.
    FHA mortgage loans are available to any American who can document their income and indicate to underwriting that the borrower has the ability to make the mortgage payments each month. Credit is flexible with FHA loans, so take a moment and complete one of our quick loan applications and one of our loan professionals will follow up with you momentarily. Loan Application
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    11459 Cronhill Dr Suite M | Owings Mills, Maryland 21117
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