VA ZERO Down Purchase Loans, VA IRRRL Loans, VA Refinances, Cash Out Refinances And More.

Oregon Veterans Home Loan Lenders

VA Refinance Loans

As a homeowner there maybe some instances where you are in need to have access to cash. People sometimes want to do large home improvements, pay for school, consolidate debts for many other reasons. We the need arises we can check to see if a cash out loan makes sense.

VA Purchase Loan

The Federal Veterans Home Loan Program allow Veterans and their families to purchase a home with 100% financing with no down payment. The VA Mortgage loan offers 100% so in most instances the borrowers come in with little to no money down.

VA IRRRL

Also called an IRRRL or an Interest Rate Reduction Refinance Loan. With a VA IRRRL loan you can reduce you interest rate without any cash out of pocket as you can either have the lender increase the rate slightly to cover closing costs or you can finance them into the loan.

VA Home Loans

ZERO Down VA Mortgage Loan

Get Cash Out To 100% Loan To Value

Veterans and Active duty military personal deserve to have the ability to purchase real estate with no money down.  The Federal Veterans Home Loan Program offers 100% financing to our veterans.  Often the down payment and the costly closing costs discourage people from buying a home.  We can also ask the sellers on the transaction if they can contribute to the closing costs of the mortgage. 

NO MORTGAGE INSURANCE

Not having to pay an additional monthly amount for Mortgage Insurance can increase your purchase power.

LOW CLOSING COSTS

VA loans are monitored by the Federal Government and have maximum allowable fees, but good banks will be competitive.

 

What is a VA Loan?

The VA Home Loan is a mortgage loan dedicated to the men and women that served our county though out or armed forces.   VA loans are originated by private lenders but are guaranteed by the US Department Of Veteran Affairs.   The VA home loan had its induction in 1944 as a means to serve the men and women that have helped protect our country without the need for a large down payment or an excellent credit record.   The VA Home loan has helped over 22 million Americans achieve the dream of home ownership and is truly important product to service the men and women that have kept us safe for so long.

 

Why is a VA loan good for a Veteran?

  1. VA loans don’t have mortgage insurance
  2. $0 Zero down payment
  3. Sellers can contribute to a purchasers closing costs
  4. 100% LTV cash out refinance options
  5. Competitive Interest Rates
  6. Loans guaranteed by US Government
  7. Easier to quality
  8. Less out of pocket expense for securing a home

VA Loan Eligibility Requirements

The Department Of Veteran Affairs ultimately decides on who is eligible for the VA home loan program but the prospective buyer can get a good idea by looking at the basic eligibility guidelines.

You may be eligible to a VA home loan if you meet one or more of the following

  1. You served 90 consecutive days of active service during wartime.
  2. You have served 181 days of active service during peacetime
  3. You have more than 6 years of service of National Guard Or Reserve duty
  4. You are the surviving spouse of a service member who died in the line of service duty.

VA Income Requirements

Now each lender can have different overlay when it comes to debt to income ratios and what the underwriters for VA home mortgages will approve.   Manifest Mortgage goes directly off of the Fannie Mae Desktop Underwriting results with additional overlays for VA loans, meaning if any bank in the country can approve you for a VA Loan, Manifest Mortgage can too.   With all mortgage loans we are going to look at your ability to repay the loan, and your debt to income ratios, however with VA loans we also need to account for Residual Income factors, and tax effects on take home pay. The Residual Income calculation on a VA is unique to a VA loan as it’s the only loan that really looks at these additional factors for approval. 

How to apply for a VA Loan Certificate of Eligibility

 

Now, you DO NOT need to have you COE in hand to start the process with Manifest Mortgage, the COE is a very important document and is kind of like your golden ticket for a VA loan.   Your COE will certify your length of service, your military arm, if you have used your VA loan in the past, and you basic entitlement amount.

All you have to do is fill out this simple online form to have us check your VA Loan Eligibility.   Most times we are able to pull it from the VA portal with 24 hours, but sometimes we may have to advise you to send in the proper paperwork to the VA to get your COE by filling out form 26-1880 and mailing it in.