- Type of Loan: A VA loan is a government loan designed by the Veterans Administration for Military personnel, families and Veterans.
- Loan Terms: 10, 15, 20, 25 and 30 year terms.
- Mortgage Insurance: The VA allows for zero down payment and charges an upfront funding fee of 2.15% of the loan amount with no monthly mortgage insurance fees. Veterans with a 25% or greater service disability are exempt from this funding fee.
- Credit Score Requirements: 620 for all borrowers.
- Down Payment Requirements: None required, the VA allows for 100% financing.
- Interest Rate: Fixed and adjustable.
- Additional Facts: We would first like to start by thanking our active military personnel and our Veterans for their service to our country. Both Veterans and their widowed spouses are eligible for VA loans giving them access to this one of a kind loan program. The greatest benefits of a VA loan are zero down payment requirements and no monthly mortgage insurance. The fact the VA doesn’t require mortgage insurance potentially can save you $100 to $300 per month on your mortgage payment. RMS offers VA jumbo loans up to 1.5 million with zero monthly mortgage insurance. Residential Mortgage Solutions is ready to get you approved quickly and hassle free. Call us today and let’s get started.