Wisconsin and Illinois VA (Veterans Affairs) Home Mortgage Loans

 

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.
 

VA guaranteed loans are for eligible veterans for the purchase of a home which must be for their own personal occupancy. To get a loan, a veteran must apply to a lender. If the loan is approved, VA will guarantee a portion of it to the lender. This guaranty protects the lender against loss up to the amount guaranteed and allows a veteran to obtain favorable financing terms.

VA (Veteran's Affairs) home loans offer an alternative to conventional loans for veterans who served active duty. These loans offer some nice benefits including lower closing costs and sometimes no down payment.

Lenders will generally limit VA loans to $417,000 This is because lenders sell VA loans in the secondary market, which currently places a $417,000 limit on the loans. For loans up to this amount, it is usually possible for qualified veterans to obtain no down payment financing.

A veteran's basic entitlement is $36,000 (or up to $89,912 for certain loans over $144,000). Lenders will generally loan up to 4 times a veteran's available entitlement without a down payment, provided the veteran is income and credit qualified and the property appraises for the asking price.

VA 3/1 Treasury ARM offers loans to veterans with:
      Affordable interest rates
      A fixed rate for the first 36 months
Fixed rate loans also available and very competitive
Various property types including: Owner-Occupied (1-4 unit) principal dwellings
and Single-family, owner-occupied units in Condos & PUDs
No minimum loan amounts
Up to 100% financing available on Purchases (Federal only. State VA loans require 5% down)
subject to available entitlement
Purchase or Refinance into a VA loan
Funding fees are required - please contact us for details

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