VA Mortgage Loans in
Wisconsin, Illinois, Minnesota and Florida
VA Loans 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 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
allows no money down.
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:
- Veterans receiving VA compensation for service-connected
disabilities.
- Veterans who would be entitled to receive compensation for
service-connected disabilities if they did not receive retirement
pay or active service pay.
- Veterans who are rated by VA as eligible to receive compensation
because of pre-discharge disability examination and rating.
- Surviving spouses of veterans who died in service or from
service-connected disabilities (whether or not such surviving
spouses are veterans with their own entitlement and whether or not
they are using their own entitlement on the loan).
- If you think you are exempt or you are not sure, let us know and we can
fax
VA Form 26-8937 to the VA for confirmation. The turnaround time is
usually 24-48 hours before we would know for sure.
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 one of our mortgage
professionals, 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.
VA loan limits for high cost areas
For loans over $417,000, please see our
Jumbo VA Mortgage page
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 detail
Veterans' Benefits Improvement Act of 2008
VA Eligibility
Requirements
Jumbo VA Loans
VA Streamline Refinance (IRRRL)
VA Funding Fee (PDF)
VA
Approved Condo Search
Mortgage
Programs
100% Financing (No Money Down) Programs
First Time Home Buyer Mortgage Programs
My Community Mortgage
Government Loans including
FHA, VA and
Rural Housing
Refinance Programs
VA
Mortgage Rates
About Us
Apply or
Pre-qualify Online
Contact Us
Recent VA posts on our blog:
VA Joint Loan Options
Many Overlays are nothing new to our industry, but they have gotten much more popular as lenders have become more conservative when they make lending decisions in today’s challenged real estate market. Lenders can make their own rules on basic interpretations of guidelines because it may have affected them negatively in the past or they are just uncomfortable with the risk level.
Read the rest of this
entry »
VA Funding Fee Explained
The VA funding fee is intended to enable the veteran who
obtains a VA home loan to contribute toward the cost of
this benefit, and thereby reduce the cost to taxpayers.
I’d also like to add that a veteran can use their home
loan benefit more than once but may be required to pay a
higher funding fee for subsequent use. First and second
time users who make a down payment of at least 5 percent
or more will pay a reduced funding fee.
Read the rest of this
entry »
Make Small Home Improvement with a VA Interest Rate
Reduction Loan
The Veterans Administration
(VA)
has offered the Interest Rate Reduction Refinance option
(IRRRL) for several years. The loan is touted as a way
to streamline a refinance of an existing VA loan. The
vast majority of the time homeowners choose this option
to lock in a lower rate than their current loan. But
there are often overlooked features of this loan that
can help veterans make small improvements to their home.
Read the rest of this entry
»
Qualifying for a VA Loan Before or After Discharge?
The
VA mortgage
program boasts some of the lowest percentages of
foreclosures compared to most other types of loans. One
of the primary reasons for this success is the residual
income test.
At the present time, only the VA loan has this
particular guideline. Residual income refers to the
amount of money a borrower will have once all their debt
payments are made. This amount is designed to cover
other expenses, such as auto fuel, groceries, heath care
and other expenses of life. The idea is to ensure that
the veteran has sufficient funds to take care of the
necessities of life.
Read the rest of this entry
»
VA Loans: The Ins and Outs of How to Acquire One
The
VA home loan program is offered to Veteran’s that want to purchase a home with little or no down payment. A VA purchase can be 100% of the purchase but does have a limit of $417,000 in Wisconsin. There is no mortgage insurance but there is a funding fee of 2.15% for the first time use.
Read the rest of this
entry »
Qualifying for a VA Loan Before or After Discharge?
There are some misconceptions about qualifying for the
VA home loan among eligible veterans. Some of these misconceptions are simply rumors with no truth to them while others are basically misunderstood. Here is the truth about some of these myths.
Read the rest of this entry
»
VA Loans: Getting Qualified
Although the
VA home loan
is a great program for veterans looking to purchase a
home, there are a few qualifications that need to be met
in order to get their loan approved. Here is a brief
outline of the basic requirements.
Read the rest of this
entry »
If you qualify, a VA Loan is your best option
It is human nature to want the best that life has to
offer. Whether it is a nice car, nice clothes or a nice
home, people want the best that they can afford. In the
world of mortgages, a
VA
loan is one of the best loans currently available.
Here are just a few reasons why this is a great loan for
people who are eligible for VA financing.
Read the rest of this entry
»
Benefits of the VA Home Loan Program
The VA home loan program is a great benefit for people
who have served in the military. This program has several key features
that make them an almost perfect loan for veterans and even active
military personnel.
Most home loans require that the borrower pays 3.5% or
more of the purchase as a down payment, much like a down payment on a
car. However, the VA loan does not require any down payment. The veteran
can borrow up to 100% of the purchase price for a no money down loan.
Read the rest of this entry »
The Best Loan for Veterans Looking to Buy a Home
The Veterans Administration (VA) offers the absolute
best loans for purchasing a home.
VA loans were
established many years ago as a way to offer a benefit to
those that have served time in the military defending the
freedoms and life in the USA.
There are few basic requirements to qualify for the VA loan.
People that served in either active military duty or the
reserves may be eligible depending on their length of duty.
Beyond that basic requirement, it is fairly easy for people
to receive a VA loan.
Read the rest of this entry
»
VA Funding Fee Exemption Expanded in 2010
With the recent enactment of the Veterans' Benefits Act
of 2010 on October 13, 2010, the eligibility for the VA
Funding Fee exemption has been expanded to include veterans
who were previously receiving VA disability compensation
for a service-connected disability, but because they have
reenlisted or were recalled to active duty service, they
are not receiving active duty pay in lieu of disability
compensation.
Read the rest of this entry
»
How to Get a VA Home Loan – Part 5: Finding a Home
After you have been pre-approved for a Wisconsin, Illinois,
Minnesota or Florida VA home loan and you have determined
your price range you can begin looking for a home. Many
people look to a real estate agent to help them locate a
home. You need to find a person that you are comfortable
with. Get recommendations from your mortgage lender, friends
and relatives.
Read the rest of this entry
»
How to Get a VA Home Loan – Part 4: Choosing a Mortgage
Loan Officer
So far in the series “How to Get a VA Home Loan” we have
explained
who is eligible for the
loan,
how to get a certificate
of eligibility and the
VA funding fee.
Today’s article will offer suggestions on choosing a
mortgage loan officer.
Veterans have numerous options for choosing a mortgage
lender. These options fall into three categories.
Read the rest of this
entry »
How to Get a VA Home Loan – Part 3: The VA Funding Fee
In the first two portions of this series we discussed
the
people that are eligible
for a VA loan as well as
how to acquire the
Certificate of Eligibility. Today’s article
will describe the VA Funding Fee. A common misconception
is that the VA offers home loans. This is not true. The
Veteran’s Administration guarantees the loan for
lenders. In the event that a
VA home loan
is not repaid and the home is foreclosed, the VA will
pay 25% of the loan to the lender.
Read the rest of this
entry »
How to Get a VA Home Loan – Part 2: Getting your
Certificate
Welcome to the second installment of our series on How
to Get a VA Home Loan.
Part 1 described the different groups of people that
can apply for a VA home loan. Today we will discuss the
VA Certificate of Eligibility.
In this modern day of countless choices and
opportunities, the Veteran's Administration (VA) offers
eligible people many ways to get their Certificate of
Eligibility.
Read the rest of this
entry »
How to Get a VA Home Loan – Part 1: Who is Eligible?
We are starting a 5 part series that will explain the
basics of a VA home loan in Wisconsin, Minnesota,
Illinois and Florida. This first installment will
explain who is eligible for a VA home mortgage loan.
Read the rest of this
entry »
VA Clarifies FHA Condo Approval Policy
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.
Read the rest of this entry »
Benefits of a VA Mortgage Loan
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.
Read the rest of this entry »
What You Should Know to Obtain a VA Loan: Step 5 of a 5
Step Series
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.
Read the rest of this
entry »
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