Veterans Administration Home Loans
We will help you get into your dream home because we offer a full array of mortgage products to fit your needs. This section is here to help you understand the VA mortgage product. A VA loan is a mortgage backed and secured by a department of the Federal Government. The loan term VA stands for Veterans Administration. A VA loan is a wonderful mortgage product that is available to our veterans. Veterans eligible for a VA loan can buy a home with 100% financing! A great highlight of a VA loan is that there is no monthly mortgage insurance. That’s right, even with 100% financing, there is no monthly mortgage insurance. This product is not available to everyone though. This mortgage program is reserved for our United States Veterans.
The minimum credit score needed in order to obtain a VA loan is 550. There are three credit bureaus that are considered when buying a home. The three credit bureaus are Equifax, Experian, and TransUnion. Each of these bureaus will give their own credit score (risk rating) for you. Sometimes, the credit bureaus will generate the same score only by coincidence, but most of the time you will see three different scores. The highest credit score given by any of the three bureaus is disregarded, the lowest credit score is then disregarded, and you are left with your middle credit score. The middle credit score is what is utilized to determine your eligibility and several other factors while obtaining a home loan. The property types allowed for conventional financing are single family homes, townhomes, villas, duplex(2 units), triplex (3 units), quadplex (4 units), and very few condos. Condos must already be VA approved in order to obtain VA financing. You are able to live in one of the multi unit homes (duplex, triplex, or quadplex) and have the rental income to be received on the other units count towards your income to help qualify. Income also needs to be verified while obtaining a conventional mortgage. If you are self-employed, we will review your two year most recent personal and business (if applicable) tax returns. If you are a wage-earner, someone that obtains a W2 at the end of the year, we will review your previous two year tax returns along with a current paystub. Don’t worry – if your previous income is significantly lower than your current income, we can use your higher income just as long as it is justified (increase in pay or a pay raise, promotion, working overtime hours, etc.). If you are retired, we would just need proof of your retirement income (Social Security, pension, etc.). We will also need to verify assets (bank statements) in order to obtain a conventional loan. Again, don’t worry – your funds to close can come as a gift just as long as it comes from an acceptable source (ie no cash money, unverifiable cash, etc.). Gift funds have to be verified but they are allowed.
Learn Tips About Buying a Home
Ask us about our upcoming homebuyers workshops where you can learn everything you need to know about buying a home and what to expect during the home buying process. We cover all steps of the home buying process from beginning to end. Knowing the information taught in our workshops will make you an informed buyer, and informed buyers get the best interest rates and the best program possible.
What our clients say about their experience.
Don’t take our word for it. Read what our customers have to say about AAA Capital Funding
Best company to work with!! Very understanding, patient, kind, and professional. Thank you so much for a smooth and easy process!!!
Good customer relation. Keep the customers informed about mortgage process. Excellent communication over phone
They are truly the best and always available to answer all my questions as a first home buyer this was very important. I had the pleasure to work with Jason, but everyone I talked to was always helpful and very pleasant I highly recommend them…