Tim Sisson of First Home Mortgage is a leading provider of VA mortgages and provides competitive rates and flexible financing options. Tim does VA loans in Dunkirk, Huntingtown, Prince Frederick, as well as the entire state of Maryland. For more information on VA loans or how to get Pre-Qualified, contact Tim today at 301-327-5817 or click here!
VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.
VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms. Here are some details:
- 100% financing without private mortgage insurance
- A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan amount is paid to the VA
- When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less
- When refinancing a home, veterans may borrow up to 100% of reasonable value in order to refinance where state law allows.
help you purchase a home at a competitive interest rate often without requiring a downpayment or private mortgage insurance. Cash Out Refinance loans allow you to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements.
Interest Rate Reduction Refinance Loan (IRRRL)
also called the Streamline Refinance Loan can help you obtain a lower interest rate by refinancing your existing VA loan.
To Pre-Qualify for a Purchase, Cash Out Refinance, or VA IRRRL, contact Tim Sisson with First Home Mortgage!
Your length of service or service commitment, duty status and character of service determine your eligibility for specific home loan benefits.
Purchase Loans and Cash-Out Refinance: VA-guaranteed loans are available for homes for your occupancy or a spouse and/or dependent (for active duty service members). To be eligible, you must have satisfactory credit, sufficient income to meet the expected monthly obligations, and a valid Certificate of Eligibility (COE).
Interest Rate Reduction Refinance Loan (IRRRL): The IRRRL is a “VA to VA” loan, meaning it can only be done if you have an existing VA guaranteed loan on the property. The IRRRL is generally performed to lower the interest and reduce the monthly payment on the existing VA guaranteed loan.
A Veteran has the ability to purchase a primary residence utilizing their VA entitlement, even if they have already used their entitlement in the the past and do not plan on restoring it.
VA does not set a cap on how much you can borrow to finance your home. However, there are limits on the amount of liability VA can assume. The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment. These loan limits vary by county, since the value of a house depends in part on its location. For example, in Calvert County the VA loan limit is $726,525. This means a Veteran can finance up to this amount without a down payment – unless they have entitlement already charged. If there is entitlement charged, the lender will calculate the remaining entitlement in that particular county, and if the Veteran chooses to exceed that number they bring a down payment of 25% of the overage.
The basic entitlement available to each eligible Veteran is $36,000. Lenders will generally loan up to 4 times a Veteran’s available entitlement without a down payment, provided the Veteran is income and credit qualified and the property appraises for the asking price.
Pre-Qualify for a VA Loan with Tim Sisson of First Home Mortgage by visiting www.LoanswithTim.com/pre-qualify or schedule an appointment by calling 301-327-5817.