VA Mortgage Loans in Wisconsin, Illinois, Minnesota and Florida

Flexible VA Financing for Wisconsin, Illinois, Minnesota and Florida Veterans

Enjoy the privilege of no down payment loans for qualified veterans and reservists. The Department of Veterans Affairs insures these loans, so you'll get more freedom to make decisions.

Wisconsin, Illinois, Minnesota and Florida VA mortgage loans are guaranteed by The Department of Veterans Affairs, but are made by private lenders to eligible veterans for the purchase of a home. VA Loans are available from lenders who participate in the VA Home Loan program.

The Veterans Administration works off of a “guaranty”, meaning that they pay the lender 25% of the loan amount should the veteran default on their mortgage. This is the main reason the VA loan program still requires no money down. The VA doesn’t make loans, lenders do and the VA guarantees the lender that if a VA mortgage should go into foreclosure, the VA guarantees to the lender 25%.

A veteran may be exempt from the funding fee (view the current VA Funding Fee table) and VA Form 26-8937, Verification of VA Benefits must be completed by your lender if one of the following apply:

• Veteran receiving VA compensation for service-connected disabilities.
• Veteran would be entitle to receive compensation for service-connected disabilities if they did not receive retirement pay.
• Surviving spouse of a veteran who died in service for from service-connected disability.
• Has received a VA disability in the past.

Certificate of Eligibility:
If you have never requested or used your certificate, we can still go through the automated system to verify your eligibility. We may not be able to get it instantly, but with a little work from our mortgage professional, we may have your Certificate of Eligibility in 2 or 3 days. Be sure to have the information necessary to fill out form 26-1880 and have your proof of service and we will handle the rest.

Illinois, Wisconsin, Minnesota and Florida VA mortgage loans are capped at the conforming loan limit of $417,000 for a no money down 100% financing loan.

Wisconsin, Illinois, Minnesota and Florida VA Loan Highlights:

• Fixed or adjustable rate mortgages with up to 30 year financing
• Loans on 1-4 unit primary residences
• No minimum loan amounts
• No prepayment penalties
• Up to 100% financing available on purchases and VA IRRRL (Federal only. State VA loans require 5% down) subject to entitlement
• No monthly mortgage insurance premiums
• Surviving spouse of deceased veteran may be eligible
• Limited closing costs
• Funding fees may apply. Please contact us for details

VA Clarifies FHA Condo Approval Policy
May 24, 2010

The VA clarified last week that they will continue to accept FHA approved condos so long as the condo was approved FHA prior to December 7, 2009. In a VA circular dated November 30, 2009 (Circular 26-09-19) the VA announced that it would no longer accept FHA condo approvals for VA loans.

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VA Refinance in Illinois Minnesota Florida and Wisconsin
May 11, 2010

Illinois, Wisconsin, Minnesota and Florida VA refinance loans offer veterans a great opportunity to refinance with no money down. VA Refinance Loans can be an incredible benefit for you and your family.

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How to Obtain a VA Loan in Wisconsin Illinois Minnesota and Florida
April 10, 2010

For VA loans, the VA only guarantees the loan thus the borrower must apply at a traditional lending institution including mortgage companies. VA loans offer no down payment, reduced closing costs, and interest rates that are usually comparable to, or lower than, conventional rates.

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Benefits of a VA Mortgage Loan
February 27, 2010

Whether you are a first time user or you have had a VA loan in the past, you must have a Certificate of Eligibility. We can assist you in obtaining your Certificate. You will be under no obligations to actually get your VA loan through us, it will just help you determine if you qualify for a Wisconsin or Illinois VA mortgage loan.

We offer a full menu of VA loan products focused on meeting the home financing needs of active duty military and veterans across Wisconsin and Illinois. Here are some other benefits of VA loans:

No prepayment penalties
Insured against default by the United States government
Lower closing costs

VA mortgages do not require the private mortgage insurance that is usually necessary for loans with little or no money down.

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What You Should Know to Obtain a VA Loan: Step 5 of a 5 Step Series
February 19, 2010

Today we will review step 5 of our 5 step series about obtaining a VA loan. With so much information out there, I have never actually seen anything that explains the entire process of obtaining a VA loan in one place.

1. Service Eligibility
2. Obtaining your Certificate of Eligibility
3. Funding Fee
4. Choosing a Lender
5. Looking for a house

Today we discuss ways to find the home for you. First, I am not a real estate professional and can only speak from experience.

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Chicago VA Mortgage loans
February 14, 2010

Because of the funding fee, Chicago VA mortgage loans do not require monthly mortgage insurance, keeping your monthly payment lower. The main purpose of the Chicago VA home loan program is to help veterans finance the purchase of homes with favorable loan terms and at a rate of interest which is competitive with the rate charged on other type of mortgage loans.

The more you know about our Chicago, Illinois VA mortgage loan programs, the more you will realize how little "red tape" there really is in getting a VA mortgage loan. VA mortgage loans are usually comparable to regular mortgages only you save much more since they don't require money down. VA mortgage loans are also assumable or can be "taken over" by other eligible veterans.

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Wisconsin VA Loans
February 3, 2010

Today’s blog post is going to look at the many misconceptions about VA loans in Wisconsin. Whether it was the broker giving the wrong information or finding outdated information from non-reliable websites - it was evident that for whatever reason, the facts about VA Loans were getting distorted.

Over the years - I’ve heard it all. I thought it would be a good idea to take a look at the 7 most common myths I’ve heard about Wisconsin VA Loans:

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