VA Loans

VA loan

What Are VA Loans?

VA Loans (Veterans Affairs) are mortgages made by banks, but guaranteed by the U.S. Department of Veterans Affairs.

Benefits of VA Loans

The key aspect of the VA loans is that they allow you to purchase a home without a down payment and without mortgage insurance. A VA loan program, the VA “No-No” Loan is a loan that requires 0% (or “no”) down payment and no (“no”) closing costs. (In purchase transactions, the seller often must pay some closing costs.) Elite Financial is committed to paying these costs up to the limits of the law in order to help veterans purchase a home.

How Does It Work?

You may qualify for a VA loan if you meet any of the following requirements:

  • You have at least 90 days of consecutive wartime service.
  • You have at least 181 days of active peacetime service.
  • You have at least 6 years of National Guard or Reserves service.
  • You are the spouse of someone who died while in service.

VA loans can be assumable, meaning that a new home buyer can take over the responsibility of the seller’s loan without any change in loan terms. Additionally, VA loans are eligible for streamline refinancing, which can help lower loan payments quickly without an appraisal, income documentation, or even credit reports. Elite Financial offers VA, as well as FHA, loans for a range of loan amounts; the maximum payment on one’s loan will vary from county to county. In addition, we offer greater flexibility and better rates than most lenders:

  • FICO® score as low as 550
  • FICO® score as low as 500 with 10% down payment
  • As little as 0.5% down payment on FHA loans (also available with a no closing costs option)!
  • VA “No-No” Loans (no money down and no closing cost)
  • Highest debt-to-income guidelines are also available

Click here to see the conforming loan limit in your county.

Why Choose Elite Financial?

If you currently have an FHA or VA loan, we can “streamline refinance” your loan without needing an appraisal, credit reports, or income documentation, helping you lower your loan payments quickly and painlessly!

Although most FHA and VA lenders have more strict underwriting guidelines than FHA and VA requires, Elite Financial allows our customers to qualify under the less stringent criteria, enabling them to qualify easier—we call this no “overlays” and the result is less hassles.

Visit U.S. Department of Veterans Affairs or watch this video: Top 5 Benefits of the VA Home Loan Program.

If you are an eligible veteran or service member who is looking to purchase a home, contact an Elite Financial mortgage professional today.

This information is not intended to be an indication of loan qualification, loan approval, or commitment to lend. Loans are subject to credit and property approval. Availability of programs is subject to change without notice.