VA Loans

VA Home Loans in (VT) Vermont

Mansfield Mortgage is your local expert on VA loans in Vermont. VA loans, otherwise known as Veterans loans, are mortgage loans that can be obtained within the United States which come guaranteed by the U.S. Department of Veterans Affairs (VA). These loans can be utilized by United States veterans, service members, and their families. VA loans cannot be obtained everywhere as they may be issued only by lenders who qualify. Contact Mansfield Mortgage to learn more and apply for a VA mortgage loan!

VA LOANS FOR VETERANS AND THEIR FAMILIES

A few words about VA loans. One, we love working for our Veterans. Two, this is, hands down, the best mortgage loan product available if you do not have the full 20% down payment when you go to buy your first home or fourth home. 100% financing with NO PMI? We have done plenty of these loans through the VA since we began in 2008.

Please see below for additional details on VA loans. However, it is easiest to give us a call with questions.

Mansfield Mortgage can even help you obtain your COE through the VA.

The VA loan program was created to offer American veterans or their surviving spouses long-term home loan financing. However, spouses of deceased veterans looking to qualify for this loan program may not remarry. VA loans are a great loan product as veterans or their spouses can qualify without the need for a down payment.

The intent behind this program, known as the VA direct home loan program, is to supply Veterans home loan financing in areas where financing is not readily available from the private sector. Designated by the VA, areas in which VA loans are eligible to be used often include rural areas along with small towns and cities that are situated further away from larger metropolitan areas.

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The VA loan program allows veterans up to 103.3% financing without the need for private mortgage insurance. The program also allows for up to 20%  for a second mortgage and up to $6,000 for improvements aimed at making a home more energy efficient. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA; this fee may also be financed. In a purchase, veterans may borrow up to 103.3% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment. In a refinance, where a new VA loan is created, veterans may borrow up to 100% of reasonable value, where allowed by state laws. In a refinance where the loan is a VA loan refinancing to VA loan (IRRRL Refinance), the veteran may borrow up to 100.5% of the total loan amount. The additional .5% is the funding fee for a VA Interest Rate Reduction Refinance.

Given their nature, VA loans allow veterans and their spouses the ability to qualify for an increased loan amount compared to a typical conforming loan from the Federal National Mortgage Association (Fannie Mae). The VA will insure a loan with a monthly payment of up to 41% of the gross monthly income. This is compared to 28% for a conforming loan assuming the veteran has no monthly bills.

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