VA Home Loans

Are you a U.S. Veteran looking for a more affordable way to purchase a home with no-money-down options and favorable terms? A VA loan may be the way to go. Click below to learn more today!

Frequently Asked Questions

Are all VA loans the same?

Borrowers can qualify for a VA jumbo loan or a VA Interest Rate Reduction Refinance Loan (IRRRL). Contact Premier Plus Lending to learn about the available VA loans, as well as eligibility requirements.

Am I borrowing money from the VA?

The VA doesn’t provide financing but does guarantee the loan and sets the guidelines you’re working with an approved lender. Contact us to get the loan application process started.

Who is categorizted as a "qualified veteran"?

A qualified veteran is someone who is in active service, or who has served and was honorably discharged from active duty in the Army, Navy, Air Force, Marine Corps, or Coast Guard. Those who were discharged because of service-connected disabilities and non-remarried surviving spouses of a service member may also qualify.

What services are not eligible for a VA loan?

Active Duty for Training in the Reserves or National Guard members who are not otherwise eligible may be eligible meeting VA additional requirements.

Is there a VA loan limit?

Every eligible veteran is entitled to $36,000 and lenders typically loan up to 4 times the entitlement amount without a downpayment. Loan limits are the same as Federal Housing Finance Agency limits. As of 2019, the VA loan limit is $484,350 for most loans.

What's the minimum credit score requirement for a VA loan?

Higher credit scores may be required for larger loan amounts, property types, and other factors. Contact Premier Plus Lending for more details about eligibility requirements.

Are there any prepayment penalties with VA loans?

Borrowers can pay off their VA loan early without any prepayment penalty. However, it’s important to keep in mind that paying down the loan amount early does not lower the monthly payment. The minimum monthly payment requirement stays the same regardless of the remaining balance.

Can I buy a second home or investment property with a VA loan?

VA loans are only designed for properties that will be your primary residence. VA loan financing for a second home or investment are not eligible.

us military woman coming home to family who may qualify for a va loan

Qualified U.S. veterans can get a VA home loan, which makes home ownership more affordable with no money-down options and favorable terms. VA home loans are provided by lenders, and the VA guarantees a portion of loans for veterans so they can qualify for an attractive financing package. The Veterans Benefits Administration (VA) provides this benefit to qualified veterans to finance a home purchase, and there are several VA loan programs to choose from.

 

When you may want to consider a VA Loan

  • If you’re a U.S. veteran looking to buy or refinance a primary residence
  • If you’re a borrower with limited savings for a downpayment and/or closing costs
  • If you’re a borrower with a low- to moderate-income

VA Loan Features

  • No money down, no mortgage insurance, Fixed and ARM rate options, and no prepayment penalties
  • Qualified borrowers may be able to finance up to 100% of the purchase price with no downpayment required on certain VA loan products.
  • The VA does not require monthly mortgage insurance, although a funding fee is typically required for all transactions.
  • Borrowers have several options to lock in attractive VA mortgage rates with terms that meet their needs.
  • Interest rate reduction refinance option
  • Refinancing your existing VA loan into a new one with lower interest or terms is available with minimal documentation.
  • Refinance, pay the full loan balance off, or make larger monthly payments at any time with no early payment fees.

Contact Us To Discuss Your Loan Options, Today!

We’re looking forward to helping you find the best loan options for your specific needs