VA Loan Updates

VA guaranteed loans are for eligible Wisconsin and Illinois veterans for the purchase or refinance of a home which must be for their own personal occupancy. To get a loan, a veteran must apply to a lender. If the loan is approved, VA will guarantee a portion of it to the lender. This guaranty protects the lender against loss up to the amount guaranteed and allows a veteran to obtain favorable financing terms.

Lenders will generally limit VA loans to $417,000 This is because lenders sell VA loans in the secondary market, which currently places a $417,000 limit on the loans. For loans up to this amount, it is usually possible for qualified veterans to obtain no down payment financing.

A veteran’s basic entitlement is $36,000 (or up to $104,250 for certain loans over $144,000). Lenders will generally loan up to 4 times a veteran’s available entitlement without a down payment, provided the veteran is income and credit qualified and the property appraises for the asking price.

Wisconsin VA Loan Highlights:

* VA 3/1 Treasury ARM offers loans to veterans with:
* Affordable interest rates
* A fixed rate for the first 36 months

* Fixed rate loans also available and very competitive

* Various property types including: Owner-Occupied (1-4 unit) principal dwellings
and Single-family, owner-occupied units in Condos & PUDs

* No minimum loan amounts

* Up to 100% financing available on purchases (Federal only. State VA loans require 5%     down) subject to available entitlement

* Funding fees are required - please contact us for details

Found here.

Bookmark to:

Hide Sites