VA Loans (Veterans Affairs) are mortgages made by banks but guaranteed by the department of Veterans Affairs. The key aspect of the VA loans is that it allows you to purchase a home without a down payment and without mortgage insurance.
You are required to pay a funding fee to the VA ranging from 0 to 3.15% but that funding fee can also be financed. For most purchasers the funding fee for first time use is around 2.15%. VA Loan is a better option than FHA because there is down payment requirement and no monthly mortgage insurance which can be quite expensive.
When we first meet with a potential VA eligible client, we instruct them to get their certificate of eligibility from VA which outlines the entitlement that the client is eligible for. With that in place we can determine maximum loan calculations and other detailed items.
VA Loan (Veterans Affairs) is a great loan product for a eligible veteran or surviving spouse whether you are in Long Island, Queens or Brooklyn. VA debt to income ratios can be a little tighter with a maximum of 41% but is by far better option than FHA if qualified. Although the VA does not designate minimum credit score requirements, most banks will require a minimum score of 620.
If you are an eligible veteran or service member who is looking at purchasing a home, this is the ticket!
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Gil served in the US Army from 1970 to 1973. Basic training was at Fort Jackson, South Carolina. Gil actively served in the Vietnam War.
He was stationed outside of Saigon for a year as an administrative specialist. His remaining two years active duty, back in the states.
Following his three-year active commitment Gil was in the reserves for 3 years. Gil is proud to have served his country and as an Army veteran.
He looks forward to helping other active military and veterans fulfill the dream of owning their own home.
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My family used Artisan Home Mortgage to purchase our home with a VA home loan.
Jim Barry was knowledgeable on the process and what we should expect. The transaction was incredibly positive – and most importantly – transparent.
Jim explained every aspect of the loan and gave updates regularly.
We would highly recommend Artisan Home Mortgage and Jim Barry to any veteran considering buying a home.
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