Bonita Springs VA mortgage
Bonita VA Mortgage, Bonita Springs VA Loan, Mortgages for Veterans Bonita Springs, Florida
VA home loans are one of the best deals for those who are eligible to take advantage of them. Most VA loans have very low fees, offer no down payments and are available in most cases to active military personnel, inactive personnel and in some cases to family members of military personnel. Many people are not aware of the full benefits of a VA loan. Here are some of the key differences that you should be aware of when you are considering a Bonita Springs VA home loan. Core Mortgage Financial is available anytime day or night to answer your questions at (239) 431-5889. We would like to take the opportunity to answer any questions you might have about Bonita VA loans.
VA Loans allow borrowers to buy a home with no down payment. The maximum loan amount is upwards of 103.3 percent of the value of the property. In addition, credits of up to $6,000 are available for adding energy efficient features to your current home.
Private mortgage insurance
Private mortgage insurance (PMI) is required on all loans that exceed 80 percent of the value of the home. However, VA loan programs do not require PMI which can save hundreds of dollars per month. Because the VA is backing a Bonita Springs VA mortgage, you won’t have to worry about paying this extra fee, regardless of the loan to value of your home. Remember, in some, the lender might insist on the funding fee depending on your eligibility but it may be included in the loan to value.
Unlike other loans, the VA does require a funding fee but can be waived under certain circumstances. Example would be the veteran is receiving VA disability payments. Funding fees vary from 1.5 percent to 3.3 percent depending on numerous factors including service classification and whether or not you have had a VA loan in the past. First time use purchase funding fee is 2.15% which can be financed into the loan amount unless paid upfront.
VA loans have specific document requirements similar to other loan programs. To qualify for a VA loan, you will need to obtain an eligibility certificate and the following documents will be required:
- Pay stubs – VA lenders will require copies of your two most recent pay stubs
- W-2 forms/taxes – You will be required to provide copies of your last two tax returns whether you are employed by a traditional employer or are self employed
- Confirmations of assets/debts – Verification of bank accounts, credit card debt and a credit report will also be required. Your Bonita Springs VA home loan specialist will help obtain these verifications.
VA loan programs are no more complicated than any other type of loan and if you are eligible, Core Mortgage Financial can help. We can get your certificate of eligibility immediately from our internal system and help you obtain your VA home loan.
Disclaimer: Rates, programs, guidelines are subject to change without notice. NMLS #849597