VA LOAN
MORTGAGE EDUCATION
How Does it Work?
One mortgage option for people who qualify for the military service guidelines set by the VA is the VA loan. The Department of Veterans Affairs guarantees these loans, and, in several cases, the loan is approved by a private lender like banks or mortgage companies, such as Iconic Mortgage Corp. We are a VA-approved lender and offer the following types of VA loans:.
Fixed rates – these come with various terms which allow you to choose the length of the mortgage that suits you.
Adjustable rates (ARMs) – this is a great option for those who want to stay in their home for 5 to 7 years.
Jumbo loans – a suitable choice for when your loan amount is between $484,351 and $1,500,000.
THE MAIN BENEFITS
There are several advantages that you gain with the 30-year fixed mortgage, which include:
Most service members and veterans don’t require any down payment
You can qualify with more debt and a lower credit score in comparison with other loans
You can refinance up to 120% of your home’s value if you already have a VA loan.
You may only borrow up to 100% of your home’s value if you’re taking cash out of your VA loan.
How to Qualify for a VA Loan?
We’ll check whether you’re eligible for the loan or if you have enough income when you apply for a VA loan. If you meet all the VA’s guidelines for length and type of service, you’ll be issued with a Certificate of Eligibility from the VA to confirm it. We’ll also help save you time by applying for the Certificate of Eligibility if you haven’t applied for it.
You’ll need to have a debt to income ratio of no more than 37% and a credit score of at least 500, to qualify for a VA loan with Iconic Mortgage Corp.
