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All About the VA Mortgage Program

Crystal Catuara Garcia | Barrett Financial Group| Mortgage Loan Originator NMLS #1690462

Today we are talking about a loan program that is geared specifically towards Veteran's and Active Military Members and their spouses. The VA Mortgage Loan is also known as the Veteran's Administration home loan and is one of the most benificial military benefits offered. For those who qualify, you can buy or refinance an existing mortgage with as little as $0 down, low rates and financing up to $484,350.00. Another great benefit over a traditional mortgage is that there is no PMI(Private Mortgage Insurance). PMI is the monthly insurance that you pay the bank/lender each month when you don't put down 20%. The PMI you pay each month protects the bank/lender in case you default on the loan.

Here are the VA program highlights:



■ 620 minimum qualifying credit score

■ 10-, 15-, 20-, 25- and 30-year fixed rates available

■ Up to 100% LTV for purchase and refinance transactions

■ No LTV limits for VA Interest Rate Reduction Refinance Loans (IRRRLs) for transaction with less than one discount point


■ 1- to 2-unit primary residences

■ Non-owner occupied residences allowed for IRRRLs

■ VA approved condos and PUDs

■ Manufactured housing

■ Purchase transactions

■ Cash-out (Type I and Type II)

■ Jumbo VA program also available


■ Active duty

■ Veterans

■ Reservists

■ National Guard

■ Surviving spouses (Retrictions Apply)

* * Additional restrictions apply.  See guidelines for specific details about surviving spouse eligibility. 

How Much Do You Qualify for?

The amount you can qualify for varies depending on a few different factors. One of the biggest factors is your debt to income ratio. It helps to determine the amount you can afford to pay each month.

What Steps Do I Take Next?

Once you have established how much you can afford the next step is to Contact Us to get you pre-approved. This will involve a credit pull to look at your credit report and to find out your score. With a pre-approval you can find a home by shopping within your means.