Helping Washington State homeowners learn more about their mortgage options.
Today, much deserved gratitude will be shared to our Veterans. We honor their courage, sacrifice and service that allow us to have our freedom.
As a mortgage professional, I am thrilled when I have received a purchase and sales agreement where the seller has agreed to allow the Veteran to use their VA loan.
A VA Loan is a benefit that the Veteran has earned. There are no loan limits and offers low to no down payment. [Read more…]
Where are mortgage rates following the stronger than expected Jobs Report last Friday? Check out my latest video to learn more about mortgage interest rates and I have a spotlight on 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…]
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.
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…]
NOTE: VA loan limits have been raised for the remainder of 2012 in certain counties per VA Circular 26-12-7. Click here for more information.
Below are the loan limits for VA loans in Washington State for 2012 which have reduced loan amounts for the “high balance” areas from 2011. Congress may still impact these loan limits and if so, I will update this post.
VA loan limits work differently than conventional or FHA insured mortgages. If a Veteran elects to purchase a home with a sales price higher than the loan limit, they’re down payment is 25% of the difference between the loan amount above and the sales price. This may be changing in 2012, from VA’s website:
2012 loan limits: The procedure for calculating loan limits for 2012 has changed from 2011. VA’s previous procedure expires December 31, 2011. If Congress passes legislation permitting VA to calculate maximum guaranty as it has in the past, the numbers below could increase slightly; they will NOT decrease. If that occurs, we will post announcements and reissue this loan limit chart.
Lenders have various limits as to how large of a VA loan they’ll fund. This is one reason why it’s great to work with a company like Mortgage Master Service Corporation where we have several sources for government loans. If I can provide you a quote for a VA loan on a home located in Washington state, please contact me.
I will keep you posted as soon as we have more information regarding the possible changes in 2012 VA loan limits and/or how they are calculated. To stay up to date about topics like this, subscribe to my blog in the upper right corner.
Well the lower funding fees we thought we had were officially taken away when the President signed HR 674 raising the funding fees effective for VA loans closed November 22, 2011 through September 30, 2016. The following is per Circular 26-11-19.
VA Funding Fees for Veterans
First Time Use
Downpayment:
- Less than 5%*: 2.15%
- 5% but less than 10%: 1.50%
- 10% or more: 1.25%
Second and Subsequent Use
Downpayment:
- Less than 5%*: 3.30%
- 5% but less than 10%: 1.50%
- 10% or more: 1.25%
VA Funding Fees for Reservist/National Guard
First Time Use
Downpayment:
- Less than 5%*: 2.40%
- 5% but less than 10%: 1.75%
- 10% or more: 1.50%
Second and Subsequent Use
Downpayment:
- Less than 5%*: 3.30%
- 5% but less than 10%: 1.75%
- 10% or more: 1.50%
Interest Rate Reductions (IRRL) are remaining at 0.50%.
I am happy to help you with your VA loan for your home located anywhere in Washington State. A heartfelt thank you to those who have served our country.
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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