VA mortgage loans are loans that are guaranteed by the U.S. Department of Veterans Affairs (VA) and are available to eligible veterans, active-duty service members, and some surviving spouses. These loans are designed to help veterans and service members afford to buy homes in Huntsville, AL or other areas. Some of the key features of VA mortgage loans include:
Overall, VA mortgage loans can be a great option for eligible veterans and service members who are looking to buy a home in Huntsville, AL or other areas. These loans offer many benefits and can make it easier and more affordable for eligible borrowers to become homeowners.
As a rule of thumb, almost all active duty or honorably discharged service members are eligible for a VA loan. I can help you secure your VA Eligibility.
Yes, it is required. It is a fee paid directly to the Department of Veteran's Affairs so that they can guarantee your loan and provide you with the opportunity to receive a loan with little to no money out of pocket.
It depends on several factors including: Whether you are Active Duty, Retired, Guard or Reserve and whether you this is a first time use, subsequent use, or a cash-out refinance as well as how much of a down payment you are putting down. The fee can range from as little as 1.25% up to 3.3% of the loan. Generally, the more money you put down the lower the VA funding fee. Please contact us and we will help you to determine how what the exact cost of the VA Funding Fee would be for your particular situation.
No, you can include the VA Funding Fee in your loan and pay the funding fee over the course of your loan.
Yes, however with a VA loan if you are purchasing a new home the seller can pay for all or part of your closing costs.
A VA Streamline Refinance is a refinance option that is available if you already have a VA mortgage and you want to lower your interest rate with little or no out-of-pocket closing costs. You don't have provide bank statements, W2s, job verification or paychecks.
See what other Veterans have to say about their experience Zillow Reviews. If you are looking for a VA loans Huntsville, AL Contact me if you have questions.
We service Alabama, Georgia, Florida, South Carolina, North Carolina and Virginia.
**South State Bank is not affiliated with or acting on behalf of or at the direction of FHA, VA, USDA or the Federal Government.