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VA Loans

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VA Loans

Loans, Low Interest Rates, Low Payments, $0 Down Payment, No Monthly Mortgage Insurance Payments!

Hallmark Mortgage is a VA Approved Lender

WHAT IS A VA GUARANTEED LOAN?

VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase 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.

There is no maximum VA loan but 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.

VA LOANS OFFER THE FOLLOWING IMPORTANT FEATURES:

  • Equal opportunity for all qualified veterans to obtain a VA loan.
  • No down payment under certain loan levels (unless required by the lender or the purchase price is more than the reasonable value of the property).
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation).
  • Closing costs are comparable with other financing types (and may be lower).
  • No monthly mortgage insurance premiums.
  • An assumable mortgage for another qualified veteran.
  • Right to prepay without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.

VA DOES NOT DO THE FOLLOWING:

  • Guarantee that a home is free of defects. VA guarantees only the loan. It is the veteran’s responsibility to assure that he/she is satisfied with the property being purchased. The VA appraisal is not intended to be an “inspection” of the property. A veteran should seek expert advice (a qualified residential inspection service), as necessary, BEFORE legally committing to a purchase agreement.
  • If you have a home built, VA cannot compel the builder to correct construction defects although VA does have the authority to suspend a builder from further participation in the home loan program.
  • VA cannot guarantee that a veteran is making a good investment.
  • VA cannot provide a veteran with legal services.

We are experts in V.A. Mortgage Lending, and will help you understand which option meets your needs, and offers you the best value.

When we talk, you will learn everything you should know about this special loan program reserved only for Veterans and active service men and women. This goes for the entire loan process. We know what you need to know, and we are going to explain everything you need to understand so you can make the best possible decision and save the most money over your lifetime of borrowing.

To start the process you can do any of the following:

Call us directly at 720-943-4278

E-mail me at dave@daveghomeloans.com

Fill out the form below, or simply Apply now.

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