Flexible VA Mortgage Financing for Wisconsin and Illinois 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 and Illinois 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.

While there is a funding fee for a VA home loan (see our VA Funding Fee table), some people are exempt from paying. If you are a veteran getting disability compensation for service-related medical issues, or are entitled to get compensation if you aren't drawing retirement pay, you are exempt from the VA funding fee for your VA home loan.

VA Loans are available as the following types of loans: Traditional fixed rate mortgages (FRMs) adjustable rate mortgages (ARMs) where the initial fixed rate period is at least 3 years and Traditional adjustable rate mortgages. VA Loans are typically 15 year or 30 year loans. Wisconsin VA loans and Illinois VA mortgage loans are restricted to individuals qualified by military service or other entitlements, but FHA -insured loans are open to all qualified home purchasers.

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

For loan amounts over $417,000 please visit our Jumbo VA Loans page for details.

Wisconsin and Illinois 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

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 Whether it was the broker giving the wrong information or finding outdated information from non-reliable websites - it was evident that for whatever reason, the facts about VA Loans were getting distorted.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:

Read the rest of this entry »
 

VA Builder Approval Process
January 18, 2010

All properties designated as "new," "proposed," or "under" construction must have a valid builder identification number on file with the VA.

If you are not yet approved, you will need to complete the following 3 documents.

Read the rest of this entry »


VA Mortgage Loans with No Money Down
December 3, 2009

Wisconsin VA loans and Illinois VA mortgage loans are guaranteed by the Department of Veterans Affairs and are available to veterans and those currently serving in the military. They are often made with little or no down payment.

VA loans are available either as a fixed or adjustable rate and have recently added the option of a 3 year or 5 year ARM. VA loans are assumable, meaning that veterans can sell their homes to non-veterans and afford the buyer the benefits of a VA loan. The VA program is great for veterans who want to purchase a Wisconsin or Illinois property, especially if the veteran is a first time buyer.

Read the rest of this entry »


VA Mortgage
November 28, 2009

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.

Wisconsin VA home loans are made to eligible veterans for the purchase of a home that will be occupied as the veteran’s primary residence. VA mortgage loans are highly regarded mortgages because loans can be financed at 100% or with no down payment.

Read the rest of this entry »


Chicago VA Mortgage loans
October 20, 2009

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.

Read the rest of this entry »