Apply Today! Call (505) 629-4161
If you are a military veteran or a man or woman that is currently a member of the U.S. Military, VA mortgage loans offer low interest rates and other benefits to qualified borrowers and homeowners. The greatest benefit is that a VA loan requires no down payment. At Mortgage Partners Santa Fe we encourage all U.S. Military veterans and current armed service members to ask us how they can take advantage of the great loan programs that the VA has to offer.
VA loan applicants looking to purchase a new home can save huge amounts of money by using a VA loan to make their dream home a reality. A VA loan does not require down payment and does not charge mortgage insurance There is only a funding fee which is added on to the principal of the loan.
Existing homeowners that are U.S. military veterans or current United States armed service members can us their VA loan benefits to secure a lower interest rate (if mortgages interest rates are lower of course) than on their current mortgage loan, which in turn can reduce their monthly cost and loan term mortgage repayment costs. They can save money by consolidating debts or get cash out.
Besides being a veteran or a current service member, there are other underwriting requirements a VA loan applicant must meet in order to qualify for this type of financing. Applicants do not need to have high credit scores to qualify for the loan. Loan applicants must meet certain service-length requirements, income requirements involving a ceiling on maximum debt-to-income ratios, and a minimum residual income that varies based on the size of the borrower’s family, loan dollar amount, and their geographical location.
We have a VA specialist at Mortgage Partners.