VA Loans
Let me use my expertise to help you.
VA loans are for Service Members, Veterans, and eligible surviving spouses. VA mortgages have competitive interest rates and require no down payment. If you've served in the military and need a mortgage, then a VA loan might be right for you, whether you're buying a home or refinancing.
Here's what to know:
Some of the benefits of the VA Mortgage Loan Program are:
-No down payment required
-Competitively low interest rates
-No need for Private Mortgage Insurance (PMI)
-Limited Closing Costs
-The VA home loan is a lifetime benefit and can be used multiple times.
No Money Down:
You do not have to put any money down to qualify for a VA Home Mortgage. If the seller agrees to pay the closing costs, you may be able to purchase the home with no out of pocket costs. In 2020, limits were eliminated for current members of the military and veterans who have access to their full VA loan entitlement. However, loan limits still apply to borrowers who already have a VA loan or have defaulted on a VA loan.
The VA Funding Fee:
The Veterans Administration assesses a Funding Fee to all VA loans. However, if you are a Disabled Veteran, you may qualify to get the fee waived completely. Assumable VA Mortgage Loans are also assumable. If the person assuming the mortgage is a veteran with VA eligibility, they may assume the VA loan. Veterans should use great care and closely investigate the terms of an assumption before allowing someone to assume their mortgage.
Qualifying for a VA Mortgage Loan:
The VA offers excellent qualifying standards. Even if you have experienced some financial difficulties in your life that caused your scores to be low but have maintained a good payment record over the past year or so, you may qualify for a VA mortgage loan. This can be a tremendous savings compared to the cost of conventional loans when the borrower's credit scores are low.
VA Mortgage Loans may be refinanced:
VA mortgage loans have built in features allowing a loan to be refinanced to a lower interest rate without all of the criteria normally associated with a conventional loan. This is called an Interest Rate Reduction Loan. With this loan, the veteran can secure a lower interest rate without an appraisal, income, or asset verification. Plus, the fees can be rolled into the loan so there are no out of pocket costs.
Obtain a Certificate of Eligibility: A VA Certificate of Eligibility shows that your military service meets the requirements for a VA loan. Please provide your military DD214 and I can help obtain this document!
FHA Loans
FHA loans have been helping people become homeowners since 1934.
Some benefits of FHA loans are:
Low down payments
Low closing costs
Easy credit qualifying
What does FHA have for you?
Buying your first home?
FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan. Available on 1-4 unit properties.
FHA loans have been helping people become homeowners since 1934.
How do we do it?
The Federal Housing Administration (FHA) - which is part of HUD - insures the loan, so your lender can offer you a better deal. FHA allows a buyer to purchase a home with as little as 3.5% down. They tend to be more lenient on areas such as credit, funds to close and co-borrowers. Most loans use a method of analyzing credit called credit scoring in the underwriting process. Studies have demonstrated a direct relationship between low credit scores and higher mortgage delinquency rates. As a result many lenders have established minimum credit scores at which they will accept loans. Unfortunately, a lack of credit, old delinquencies or incorrect information on the credit report can cause a low credit score. FHA does not have specific credit score requirements. Although a high credit score may assist in getting the mortgage approved, a low score is not automatically cause for denial. If the credit scores are low, then it is up to the borrower to demonstrate his/her ability and willingness to pay the loan back. This allows the borrower to explain the circumstances surrounding the credit difficulties and have that explanation considered in the underwriting process.
The underwriter on an FHA loan will review the credit and payment history of a customer concentrating on the most recent 12 to 24 months. If the customer has had a good payment record over the past 12 to 24 months they can often get approved for a mortgage even when Conventional financing has turned them down. An experienced loan officer can help the customer clearly tell their story and will often make suggestions as to how to make the file more acceptable to FHA. Because of FHA's leniency, some borrowers with past credit problems elect to use FHA for loans when they have a substantial down payment rather than getting a higher interest rate conventional loan.
FHA VA Streamline Refinance
Do you currently have an FHA or VA Loan?
We have the program for you! It is called the Streamline Program. You can even skip a monthly house payment and receive cash back after closing. This can mean several hundred dollars in your pocket!
Just look at the benefits!
Lower monthly house payment
Lower interest rate
NO out of pocket costs
15, 20 & 30 year terms available
Streamline Refinance
This type of refinance is similar to the FHA Streamline Program. A minimal amount of documentation is needed. If you're a Veteran, we also have special purchase programs just for you.
Contact Kristy
Give Kristy a call or email!
Kristy Vanlanen
Cornerstone Mortgage 5237 Summerlin Commons Blvd Suite 438 Fort Myers, FL 33907
Hours
Open today | 09:00 am – 05:00 pm |
