2023 VA Funding Fees

The funding fee for VA mortgages for 2023 have been announced. Great news – the fees for 2023 have been reduced from 2022!

The VA Funding Fee is a one-time charge often added to the loan amount and financed over the term of the mortgage. VA mortgages do not have monthly mortgage insurance premiums (unlike FHA mortgages).

Here are the VA Funding Fees for 2023: [Read more…]

A Great Alternative for VA Loans

Many Veterans who have served our country have earned the right to have a VA mortgage loan. It’s unfortunate that some sellers as well as real estate agents have a bad image of VA loans and often discourage them. Many years ago, VA loans were sometimes more challenging than conventional financing – this is rarely the case anymore. Some people may falsely assume that if a Veteran is using a VA loan, they must have poor credit or not enough funds for a down payment. A majority of the Veteran’s I have provided mortgages for have excellent credit and plenty of funds for down payment, they opt for the VA loan because they either don’t want to use all of their funds for down payment, or the VA mortgage loan could be providing a lower interest rate than what they would receive with conventional financing. Bottom line, it’s their entitlement that they sacrificed and worked hard to earn. [Read more…]

2021 VA Loan Limit for Washington State

Veterans who have their full entitlement, do not have a loan limit. Mortgage Master Service Corporation works with investors who will lend up to $2,000,000 for VA loans with no down payment required.

If a Veteran has remaining entitlement (not full entitlement) the the loan amounts are based on conforming loan limits in the county the home is located in. Here are the conforming loan limits for single family dwellings for 2021: [Read more…]

2020 VA Loan Limits for Washington State

The loan limits for VA mortgage loans have been announced. 2020 VA loan limits will follow conforming mortgage limits for single family homes.

Mortgage Master Service Corporation will lend up to $2,000,000 subject to Veteran entitlement eligibility requirements.

Home Sellers should really consider accepting VA home buyers. Just because they’re putting less down, does not mean they are less qualified. VA home buyers have EARNED this benefit by serving our country. And these days, VA mortgage loans are not any more or less challenging to process and close than any other type of home mortgage. VA loans do not have monthly mortgage insurance and they have very competitive mortgage rates.

If I can help you with a VA mortgage or any type of home loan for property located in Washington state, please contact me.

2019 VA Loan Limits for Washington State

The loan limits for VA mortgage loans have been announced. 2019 VA loan limits will follow conforming mortgage limits for single family homes.

Here are the 2019 VA Loan Limits:

King County, Pierce County and Snohomish County: $726,525

All other counties: $484,350

VA loan amounts can exceed the loan amounts referenced above. The “limit” is the maximum a veteran can borrower without having a down payment.  Veterans may receive a reduced down payment when the loan amount exceed the loan “limit”.

If a qualified Veteran wanted to buy a home above the loan limit (aka “VA Jumbo”), their minimum down payment is 25% of the difference between the county loan limit and the sales price.

Home Sellers should really consider accepting VA home buyers. Just because they’re putting less down, does not mean they are less qualified. VA home buyers have EARNED this benefit by serving our country. And these days, VA mortgage loans are not any more or less challenging to process and close than any other type of home mortgage. VA loans do not have monthly mortgage insurance and they have very competitive mortgage rates.

If I can help you with a VA mortgage or any type of home loan for property located in Washington state, please contact me.

 

 

Our Veterans DESERVE to use a VA Mortgage Loan

I’ve been trying to think about how to title this post without “shaming” real estate agents or home sellers… but I do feel that it’s really unfortunate that some still have a low view of VA mortgages. Men and women who have dedicated their lives to serve our country and protect our freedom have EARNED the privilege to have a VA mortgage loan. Those of us who have not committed to serve do not have this benefit… and it is a benefit. [Read more…]

2018 VA Loan Limits for Washington State

MortgageLoan limits for VA mortgages have been announced and, like last few years, will follow the conforming loan limits.

Technically, VA loans do not have “loan limits” like conforming and FHA mortgages. The “loan limit” that is referred to with a VA loan is highest loan amount a Veteran can borrower without making a down payment.  It’s really a great benefit to those who have served our county.  [Read more…]

Mortgage Master is now financing Manufactured Homes

Mortgage Master Service Corporation has started allowing the financing of manufactured homes again using FHA or VA mortgages. Here are some of our basic guidelines: [Read more…]